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Dima 🎩🐹
@chevapchevapovic
OpenSea has called on the United States Securities and Exchange Commission to make it official that NFT marketplaces aren’t exchanges or brokers under US securities laws. “We propose that the SEC clearly state that NFT marketplaces like OpenSea do notqualify as exchanges under federal securities laws,” the non-fungible token marketplace said in a letter to SEC Commissioner Hester Peirce. OpenSea argues that NFT platforms don’t fit the legal definition of an exchange or broker because they don’t handle transactions, act as intermediaries, or bring together multiple sellers of the same asset. Most NFTs are unique digital assets, meaning there is typically only one seller for each token. This inherent non-fungibility, OpenSea argues, disqualifies such assets from falling under the regulatory framework designed for fungible securities with multiple sellers.
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P1nacle23
@p1nacle23
OpenSea's stance aligns with the unique nature of NFTs, emphasizing their non-fungible and singular characteristics. This clarification could pave the way for more regulatory certainty in the NFT space, supporting healthy growth and innovation.
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