Prominent NFT marketplace OpenSea is expecting a lawsuit from the United States Securities and Exchange Commission (SEC), co-founder and CEO Devin Finzer said Wednesday, due to what he said is scrutiny over whether NFTs should be considered securities.
“OpenSea has received a Wells Notice from the SEC threatening to sue us because they believe NFTs on our platform are securities,” Finzer tweeted. “We’re shocked the SEC would make such a sweeping move against creators and artists. But we’re ready to stand up and fight.”
Editor’s note: This story is breaking and will be updated with additional details.
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