• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Crypto and Blockchain Communities Challenge SEC Warning to OpenSea

user avatar

by Giorgi Kostiuk

a year ago

  1. SEC Warning to OpenSea
  2. Criticism from Ji Kim and Katherine Minarik
  3. OpenSea's Response and Support for NFT Creators


    4. Crypto and blockchain communities are reacting to the U.S. Securities and Exchange Commission (SEC) and its chair, Gary Gensler, regarding the warning issued to the OpenSea platform.

    SEC Warning to OpenSea

    On August 28, OpenSea CEO Devin Finzer announced that the SEC had sent a Wells notice to the platform. This notice is a formal warning that the SEC might take legal action, claiming that OpenSea could be operating like an unregistered securities exchange. This is unusual as it is one of the few times the SEC has considered applying securities laws to an NFT marketplace.

    Criticism from Ji Kim and Katherine Minarik

    Ji Kim, Chief Legal and Policy Officer at the Crypto Council for Innovation (CCI), criticized the SEC’s move, saying it is “legally flawed and utterly ridiculous.” Kim believes that treating NFT platforms as securities exchanges does not make sense legally.

    The aggressive and innovation chilling regulation by enforcement approach of this SEC continues–this must stop. Devin Finzer is absolutely right–NFTs are fundamentally creative goods, which allow artists, creatives, and others to showcase their talent. NFTs should not be regulated.Ji Kim

    OpenSea's Response and Support for NFT Creators

    In response to the possible legal action, Devin Finzer has pledged to defend OpenSea and has promised to provide up to $5 million to help NFT creators and developers who might face similar issues.

    Overall, the reaction of crypto and blockchain communities to the SEC’s actions against OpenSea brings about active discussion and criticism of the regulatory approaches within the NFT industry.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Cardano's 0.52 Bounce Key Level for the Coming Weeks

chest

Cardano has repeatedly tested the 0.52 support level over the past year, indicating its importance for future price movements.

user avatarLucas Weissmann

World Liberty Financial Launches Governance Token Amid Institutional Deal

chest

World Liberty Financial has announced a $15 billion token buy deal, focusing on bridging traditional finance and DeFi. The launch of its governance token aims to enhance its position in the DeFi space and attract institutional interest.

user avatarEmily Carter

Shift Towards Real Yield in DeFi

chest

The current evolution in DeFi emphasizes real yield and the integration of real-world assets, marking a strategic shift from previous cycles that focused on scalability.

user avatarFilippo Romano

Plume Network Relaunches Nest Protocol with nBASIS on Pendle

chest

Plume Network has relaunched its Nest Protocol, integrating real yield through the nBASIS token on Pendle, leading to significant growth in total value locked (TVL) and attracting institutional interest.

user avatarMaya Lundqvist

Plume Launches Innovative Plume Nest Points Rewards Program

chest

Plume has relaunched its Nest protocol, introducing the Plume Nest Points program to enhance user engagement with real-world asset tokenization.

user avatarLeo van der Veen

Decred Faces Profit-Taking After Rapid Ascent

chest

Decred faces profit-taking after a rapid price increase, leading to a retracement in its value.

user avatarKaterina Papadopoulou

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.