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- #Gate 2025 Semi-Year Community Gala# voting is in progress! 🔥
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The non-fungible token (NFT) market OpenSea has been the subject of a Wells Notice by the United States Securities and Exchange Commission (SEC), as confirmed by the platform's CEO, Devin Finzer, in a post on X.
This notice suggests that the SEC may consider some NFT offerings from OpenSea as securities, setting a precedent in the regulation of this type of digital assets.
In his post, Finzer described the SEC's measure as "radical," indicating that by targeting NFTs, "the SEC would stifle innovation on an even greater scale." This is because "hundreds of thousands of online artists and creatives are at risk, and many do not have the resources to defend themselves," according to the entrepreneur.
A Wells Notice is a formal notification indicating that the SEC is considering taking legal action for possible violations of US securities laws.