Publicly available announcements and legal documents from the SEC

OpenSea Receives SEC Wells Notice; CEO Devin Finzer Pledges $5 Million Defense

Aug 28, 2024, 02:39 PM

OpenSea, a leading non-fungible token (NFT) marketplace, has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC). The notice indicates the SEC's intent to potentially sue OpenSea, asserting that some NFTs on the platform may be classified as securities. OpenSea CEO Devin Finzer expressed shock at the SEC's move, stating that NFTs are fundamentally creative goods and should not be regulated as securities. In response, OpenSea has pledged $5 million to defend creators and artists against the SEC's actions.