OpenSea Receives a Wells Notice

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The US Securities and Exchange Commission has extended its scrutiny of the crypto industry by adding OpenSea, a well-known crypto marketplace, to its list of targets.

In a post on X, the CEO of OpenSea announced that the SEC has issued a Wells notice against the company.

A Wells notice is usually a precursor to formal charges and outlines the regulatory argument, giving the accused a chance to respond.

OpenSea’s CEO Devin Finzer revealed that the letter claims the non-fungible tokens (NFTs) sold on their platform are securities.

OpenSea enables users to create, buy, and sell NFTs. Finzer expressed shock at the SEC’s move against artists and creators and stated that the company is prepared to defend itself.