OpenSea Omits Ripple in Response to SEC Notice: Community Reactions

by Giorgi Kostiuk

2 years ago

Made with AI

OpenSea's Response to SEC Notice
Why Was Ripple Not Mentioned?
Community Reactions

OpenSea, the largest NFT marketplace, has raised eyebrows after not mentioning Ripple in its response to the SEC's notice.

OpenSea's Response to SEC Notice

In its response, OpenSea stated that it was 'shocked' by the SEC's 'sweeping move' that targets creators and artists. A Wells notice is meant to notify a recipient about an ongoing investigation. It also suggests that the SEC is likely to bring an enforcement action against them, although such an outcome is not certain. OpenSea argues that the regulator could put thousands of creators at risk with its 'saber-rattling.'

Why Was Ripple Not Mentioned?

The NFT marketplace has mentioned numerous companies that have been fighting against the SEC, including Coinbase, Uniswap, and Kraken. However, Ripple, which famously scored a major win against the regulator last July, has been seemingly snubbed by OpenSea. This omission has not gone unnoticed by some community members.

Ripple has spent hundreds of millions of dollars fighting the SEC, and numerous companies have relied on the Ripple lawsuit in their defenses. Yet, Opensea has somehow failed to acknowledge them—what a disappointment.

Community Reactions

The SEC's most recent action has expectedly attracted strong backlash within the community. Crypto analyst Adam Cochran has opined that it is 'easily one of the dumbest Hail Marys' that SEC Gary Gensler has thrown yet. Billionaire Mark Cuban has also lashed out at the SEC boss, siding with OpenSea. OpenSea has now pledged $5 million in order to cover legal fees for NFT creators.

The situation between OpenSea and the SEC continues to draw attention and spark discussions within the community. Future actions from both sides will be closely monitored.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Tier I

Requires 25% Tier Progress to Claim

Meme Cache

Tier I

Requires 50% Tier Progress to Claim

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Tier I

Sector: #18291

25%

50%

75%

100%

Tier II

Survivors rescued:

0 / 600

Survivors

0/0

Transmit Signal

Broadcast this sector's coordinates to other rescuers.

Other news

Payward to Acquire Saldo Bank for European Banking Expansion

Payward, the parent company of Kraken, plans to acquire Lithuania-based Saldo Bank to enhance its banking capabilities and integrate banking products with crypto services.

Maria Fernandez10 hours ago

Germany's Sparkassen Group Begins Cryptocurrency Trading Rollout

Germany's Sparkassen savings bank group is starting a phased rollout of cryptocurrency trading within its existing banking app, beginning on October 19, 2023.

Gustavo Mendoza11 hours ago

CME Group to Launch Bitcoin Cash and Uniswap Futures on October 19

CME Group has scheduled the introduction of Bitcoin Cash and Uniswap futures for October 19, providing institutional traders with more cryptocurrency markets.

Rajesh Kumar12 hours ago

Ethereum's Glamsterdam Upgrade Scheduled for Hoodi Test Network

Ethereum's next major upgrade, Glamsterdam, is set to activate on the Hoodi test network on October 26, marking a significant step in testing changes to block production and execution costs.

Miguel Rodriguez13 hours ago

International Crackdown on West African Scam Networks Results in 28 Arrests

An international effort against West African scam networks has led to 28 arrests and the removal of over 37 million accounts linked to fraudulent activity.