SEC Threatens Legal Action Against NFT Marketplace OpenSea
U.S. Securities and Exchange Commission (SEC) has issued a Wells notice to OpenSea, the leading non-fungible token (NFT) marketplace, threatening legal action over alleged securities violations. The SEC contends that NFTs traded on OpenSea's platform may constitute securities, a move that could have far-reaching implications for the digital art and collectibles industry. OpenSea CEO Devin Finzer denounced the SEC's action as an overreach that could stifle innovation and harm creators. The company pledged $5 million to cover legal fees for NFT creators and developers who receive Wells notices.

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