OpenSea Urges SEC For Clarity on NFT Marketplace Regulation
- OpenSea is asking the US SEC to focus on NFT marketplace regulations.
- OpenSea General Counsel and Deputy General Counsel wrote a letter to Hester M. Peirce on NFT marketplace guidelines.
Donald Trump’s re-election in the US has brought a significant shift to the crypto industry in the country. The long-awaited crypto regulation is on the table in the country. Lawmakers have already introduced several bills on crypto strategic reserve creation and stablecoin regulation. But there is no intimation regarding NFTs and NFT marketplaces yet.
OpenSea is the leading NFT marketplace that contributed significantly to post-pandemic NFT trading. The marketplace is now calling the US SEC for guidelines on NFTs and their marketplaces.
OpenSea General Counsel and Deputy General Counsel sent a letter to the SEC Commissioner Hester M. Peirce yesterday for NFT regulation. They made an argument that NFT marketplaces do not qualify as security exchanges and NFTs are not securities.
OpenSea and NFT Marketplaces are Neither Exchanges Nor Brokers
The NFT marketplace presents itself as a digital bazaar that connects NFTs with buyers and sellers. It claims not to be an exchange under US securities laws as it doesn’t act as an intermediary. Since the platform doesn’t offer investment advice and custody assets, it also doesn’t claim to be a brokerage.
The letter reads,
“We ask the SEC to clear the existing industry confusion on this issue by publishing informal guidance. In the longer term, we invite the Commission to exempt NFT marketplaces like OpenSea from proposed broker regulation.”
SEC dropped investigations on several crypto firms, including the one on OpenSea, recently in February. The fact that the platform is pushing for NFT regulation months after the drop of its investigation is noteworthy.
OpenSea urged the SEC through its letter, on behalf of the entire NFT space. Since the US government is already focusing on crypto regulation, it might consider OpenSea’s request and bring NFT regulation forward within no time.
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OpenSea Urges SEC For Clarity on NFT Marketplace Regulation
- OpenSea is asking the US SEC to focus on NFT marketplace regulations.
- OpenSea General Counsel and Deputy General Counsel wrote a letter to Hester M. Peirce on NFT marketplace guidelines.
Donald Trump’s re-election in the US has brought a significant shift to the crypto industry in the country. The long-awaited crypto regulation is on the table in the country. Lawmakers have already introduced several bills on crypto strategic reserve creation and stablecoin regulation. But there is no intimation regarding NFTs and NFT marketplaces yet.
OpenSea is the leading NFT marketplace that contributed significantly to post-pandemic NFT trading. The marketplace is now calling the US SEC for guidelines on NFTs and their marketplaces.
OpenSea General Counsel and Deputy General Counsel sent a letter to the SEC Commissioner Hester M. Peirce yesterday for NFT regulation. They made an argument that NFT marketplaces do not qualify as security exchanges and NFTs are not securities.
OpenSea and NFT Marketplaces are Neither Exchanges Nor Brokers
The NFT marketplace presents itself as a digital bazaar that connects NFTs with buyers and sellers. It claims not to be an exchange under US securities laws as it doesn’t act as an intermediary. Since the platform doesn’t offer investment advice and custody assets, it also doesn’t claim to be a brokerage.
The letter reads,
“We ask the SEC to clear the existing industry confusion on this issue by publishing informal guidance. In the longer term, we invite the Commission to exempt NFT marketplaces like OpenSea from proposed broker regulation.”
SEC dropped investigations on several crypto firms, including the one on OpenSea, recently in February. The fact that the platform is pushing for NFT regulation months after the drop of its investigation is noteworthy.
OpenSea urged the SEC through its letter, on behalf of the entire NFT space. Since the US government is already focusing on crypto regulation, it might consider OpenSea’s request and bring NFT regulation forward within no time.
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Binance Announces Second Batch of “Vote to Delist” For Community Input
Read More