According to the latest information, OPENSEA received a WELLS Notice from the SEC, which means that a lawsuit may be filed.

Accordingly, OpenSea, the largest NFT marketplace, received a Wells notice from the SEC threatening to sue because they believed NFTs on OpenSea were securities.

OpenSea CEO said in a statement:

“OpenSea received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities.

We are surprised that the SEC would take such a sweeping action against creators and artists. But we are ready to stand up and fight. …..

In addition to standing our ground, we’re committing $5 million to help cover legal fees for NFT creators and developers who receive Wells notifications. Every creator, big or small, should be able to innovate without fear.

I hope the SEC comes to its senses soon and listens with an open mind.”

OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities.

We’re shocked the SEC would make such a sweeping move against creators and artists. But we’re ready to stand up and fight.

Cryptocurrencies have long…

— Devin Finzer (dfinzer.eth) (@dfinzer) August 28, 2024

*This is not investment advice.