OpenSea CEO Devin Finzer Pledges $5M After SEC Issues Wells Notice Over NFTs

Aug 28, 2024, 02:09 PM

OpenSea, a leading NFT marketplace, has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), indicating the regulator's intent to potentially sue the company. The SEC believes that some NFTs on OpenSea's platform may be classified as securities. OpenSea's CEO, Devin Finzer, expressed shock at the SEC's decision, arguing that NFTs are fundamentally creative goods such as art, collectibles, and video game items, and should not be regulated as securities. Finzer also pledged $5 million to help defend creators against the SEC's actions.