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 🌊⛵️

The SEC has fully lost the plot.

The idea that a financial markets regulator established in the 1930s would have jurisdiction over digital art in the 2020s defies not only common sense but also the SEC's statutory authority.

Thanks to @opensea for fighting the good fight 🫡

The largest NFT marketplace. Buy, sell, & discover the internet of goods. Get help at http://support.opensea.io. We will never DM you first.

If it weren’t such an effective deterrent on new entrants to the space I’d be very amused by the contradiction-in-terms implicit in the idea of a non-fungible security

Analogous absurdities include “flightless aircraft” and “food-grade poison”

I obviously agree overall but honestly Yuga Labs made so many poor and irresponsible decisions you can easily make the case that they made Bored Apes trigger securities laws and in doing so endangered the whole ecosystem

Born and raised in Westford, VT. Hartford now. 

I am in my 16th year of writing a Song A Day.

Crazy. 

What overlap if any could this have with @jmann.eth recent announcement to sue the SEC?

What's the possibility of Gensler getting fired before his term ends? He needs to go.

Regulations are bad, regulators are even worse

Jake what ever came of that probe into Yuga by the SEC circa end of 2022? I’m not seeing anything on Google. 🤔