OpenSea urges SEC to exclude NFT marketplaces from regulator’s remit
OpenSea has requested the US Securities and Exchange Commission (SEC) to exclude NFT marketplaces from federal securities regulation. OpenSea's general counsel and deputy general counsel stated that NFT marketplaces do not qualify as exchanges since they do not execute transactions or act as intermediaries. They emphasized the need for the SEC to clarify that NFT marketplaces are not subject to exchange regulations, similar to recent guidance on stablecoins and memecoins. OpenSea also argued that NFT marketplaces should be exempt from broker registration, as they do not provide investment advice or handle customer assets. The SEC has shown a more lenient approach towards crypto under the current administration, having dismissed several enforcement actions against crypto firms.
