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?

Working on Farcaster and Warpcast. Longer thoughts at https://dwr.email

the sec suing opensea and losing is good for the industry