Words Only

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 seems to be on a mission to relentlessly cull all legitimate innovation they can in the US blockchain space with these actions.

These notices do more to disincentivize building great blockchain companies on US soil than anything else; long term, the US is only being handicapped as a result of them.

Crypto/web3. Author of Read Write Own

readwriteown.com

experience-building @ MoonPay | investing in the future of the internet ˚₊ ˚ ‧₊

going to see if @cdixon.eth has said anything on the matter yet