The SEC is making waves in the NFT world, sending a warning to OpenSea, the biggest NFT marketplace, that they might sue the company. OpenSea’s CEO, Devin Finzer, says the SEC believes NFTs on their platform are actually securities, which is a big deal.
Finzer is calling this a “sweeping move” that could hurt artists and creators, and he’s ready to fight back.
NFTs: The Next Big Thing?
NFTs are seen by many as the future of art ownership, and this SEC move could have huge implications for the entire industry. Ripple’s chief legal officer, Stuart Alderoty, is pointing out that the SEC already ruled in 1976 that art galleries don’t need to register with them, even if they’re selling art to people who want to invest.
“It’s like, the SEC said art galleries are cool, but now they’re saying NFTs are not?” Alderoty said.
SEC vs. Crypto
This isn’t the first time the SEC has gone after crypto companies. Coinbase, Uniswap, Robinhood, Kraken, and Consensys have all faced similar challenges from the SEC.
This time, though, the SEC is going after NFTs, which could have a huge impact on the creative community.
The SEC hasn’t responded to Alderoty’s statement yet, but this is definitely a story to watch.
