OpenSea Urges US SEC to ‘Remove NFT Regulatory Uncertainty and Protect USA Leadership’

via- https://cryptonews.com/news/opensea-urges-us-sec-to-remove-nft-regulatory-uncertainty-and-protect-usa-leadership/

In a letter to the US Securities and Exchange Commission (SEC), NFT marketplace OpenSea detailed why non-fungible token (NFT) platforms should not be categorized as securities exchanges or brokers and how it could provide regulatory clarity on the matter.

OpenSea’s general counsel Adele Faure and deputy general counsel Laura Brookover argue that NFT marketplaces like OpenSea are not exchanges or brokers under the Securities Exchange Act of 1934. They further provided two key steps they find the Commission should take to “confirm this non-regulated status.”

The letter, dated 9 April, states that the SEC’s earlier move to extend exchange and broker regulations to OpenSea seems to be more about expanding the regulator’s jurisdiction, instead of addressing any potential risks.