OpenSea Omits Ripple in Response to SEC Notice: Community Reactions

by Giorgi Kostiuk

a year ago

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.

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