OpenSea’s SEC Wells Notice Triggers Feedback From Top Crypto Figures & Politicians

Quick Summary:

OpenSea, one of the largest marketplaces for non-fungible tokens (NFTs), found itself at the center of controversy after the Securities and Exchange Commission (SEC) issued a Wells Notice early Wednesday over the alleged classification of NFTs as “securities.

This perceived inconsistency in enforcement, Cochran argues, raises questions of arbitrariness and calls into question the SEC’s duty to protect US investors.

Cochran advocates for OpenSea to potentially contest the SEC in court using a writ of mandamus, a legal avenue that urges the courts to compel an agency to fulfill its duties.

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Article Details

Author / Journalist: Ronaldo Marquez

Category: Crypto

Markets: HungaryUnited States

Topics: DeFi NFT marketplace Opensea Cryptocurrencies Cryptocurrency Crypto news Crypto News Nfts NFT news Digital currency OpenSea news Crypto regulation Crypto

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-29 @ 06:30:43 (4 days ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 471 words

Reading Time: 3 minutes read

Sentences: 27 lines

Sentence Length: 18 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 22293447

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