OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities.

We're shocked the SEC would make such a sweeping move against creators and artists. But we're ready to stand up and fight.

This is a move into uncharted territory. By targeting NFTs, the SEC would stifle innovation on an even broader scale: hundreds of thousands of online artists and creatives are at risk, and many do not have the resources to defend themselves.

In addition to standing our own ground, we're pledging $5M to help cover legal fees for NFT creators and devs that receive a Wells notice. Every creator, big or small, should be able to innovate without fear.

I hope the SEC will come to its senses sooner rather than later, and that they'll listen with an open mind.

Until then, we'll stand up and fight for our industry.

Onwards 🌊⛵️

Egregious attempt from the Gensler SEC to classify anything with a secondary market as securities.

Where does it stop — Pokémon cards? Beanie Babies? Taylor Swift tickets?

They're not going after NFT collectables (yet). They're going after the CEX.
All they need to do is find a single NFT collection that was marketed exactly as a security that's now on OS and then they'll claim OS is an illegal securities dealer. Surely it's not that hard to do.