SEC’s Wells notice to OpenSea tags NFTs as unregistered ‘securities’

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The post SEC’s Wells notice to OpenSea tags NFTs as unregistered ‘securities’ appeared first on CoinGeek.

Ticking the Howey box for involvement in a ‘common enterprise,’ the judge concluded “if DraftKings shut down the Marketplace or interest in the Marketplace evaporated, the value of the NFTs would plausibly drop to zero.

By July 2022, OpenSea was laying off one-fifth of its staff, with Finzer citing “an unprecedented combination of crypto winter and broad macroeconomic instability.” In November 2023, OpenSea laid off half of its remaining staff as the NFT market remained stagnant, and OpenSea continued to shed market share to rivals like Blur.io.

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Article Details

Author / Journalist: Steven Stradbrooke

Category: Crypto

Markets: CanadaCubaSwitzerland

Topics: Securities and Exchange Commission Crypto Crime Cartel Jesse Powell Donald Trump Jonathan 'Song a Day' Mann DraftKings Kraken Devin Finzer Gary Gensler Coinbase Coinbase Ventures NFL Players Association Wells notice Brian Armstrong Non-fungible tokens Brian Frye Securities OpenSea Business Howey Test

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-30 @ 11:00:40 (1 days ago)

News Timezone: GMT +8:00

News Source URL: coingeek.com

Language: English

Article Length: 2065 words

Reading Time: 12 minutes read

Sentences: 62 lines

Sentence Length: 34 words per sentence (average)

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

Copyright Owner: © CoinGeek

News ID: 22307440

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