On April 9, OpenSea’s legal team contacted the US Securities and Exchange Commission (SEC) to ask for clearer rules on how non-fungible token (NFT) marketplaces should be viewed under current laws.
In a letter addressed to SEC Commissioner Hester Peirce, general counsel Adele Faure and deputy general counsel Laura Brookover asked the agency to confirm that platforms like OpenSea should not be treated the same as brokers or securities exchanges.
This request followed the SEC’s decision in February to end a probe into OpenSea over possible violations of federal securities rules. The company believes its platform does not carry out trades or act as a middleman, which are the key features that usually define an exchange under US law.
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According to OpenSea, the platform is designed to help people browse and find NFTs. It lets users connect with others who want to buy or sell digital items, but does not handle the transactions itself.
Faure and Brookover wrote in the letter that it would go too far to group OpenSea and similar platforms with services meant for trading securities. They explained that OpenSea does not give investment advice, negotiate deals, or hold users’ assets.
OpenSea sees this as important not just for the company but for other platforms that offer similar services.
Meanwhile, a group of crypto firms and advocacy organizations recently called on Congress to examine how the Department of Justice (DOJ) is applying certain laws in its case against the developers of Tornado Cash. What did they say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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