• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Blogs
  • Market Cap
  • Shop
What's Hot

DCA Live | WEN TOP: EXIT PLAN 🎯

2025-08-18

Buy Bitcoin with Altcoin Gains? | When is Banana Zone Coming?

2025-08-16

Great News For Bitcoin Mining (Proto Rig)

2025-08-16

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Crypto Investor News Network
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of February 4

    2025-02-05

    Creator of rabbit AI assistant has hidden NFT past

    2024-05-02

    Ethereum tops daily NFT sales at US$7 mln, ends weakest month of 2024

    2024-05-02

    Top NFT Airdrops and Giveaways for May 2024

    2024-05-02

    Casio Launches NFT Collection Celebrating 50th Anniversary

    2024-05-01
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain

    2023-12-13

    Ethereum Price Bears Keep Pushing, Why Decline Isn’t Over Yet

    2023-12-13

    Trader Bullish on Cosmos (ATOM), Says One Dogecoin Rival Setting Up for Next Leg Up – Here’s His Outlook

    2023-12-13

    AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

    2023-12-13

    Top Trader Predicts Parabolic Rally for Solana Competitor – Here’s His Upside Target

    2023-12-13
  • Learn

    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

    2025-08-11

    What Is Crypto Arbitrage and How to Use It in Trading?

    2025-08-06

    What’s the Difference & Which Is Better to Trade?

    2025-08-01

    Think Your Cold Wallet Is Safe? Not If You Make These 7 Mistakes

    2025-07-31

    What are Decentralized Autonomous Organizations (DAO)? The Pros, Cons, and Real-World Examples

    2025-07-25
  • Videos

    DCA Live | WEN TOP: EXIT PLAN 🎯

    2025-08-18

    Buy Bitcoin with Altcoin Gains? | When is Banana Zone Coming?

    2025-08-16

    Great News For Bitcoin Mining (Proto Rig)

    2025-08-16

    BTC Bombshell 🚨 Targets, Turnarounds & Terminal Debasement

    2025-08-15

    HUGE Bitcoin & Crypto Breakout Coming in September — Here’s Why

    2025-08-15
  • Blogs
  • Market Cap
  • Shop
Facebook Twitter Instagram TikTok
Crypto Investor News Network
Home»Regulation»OpenSea CEO vows to fight SEC’s NFT crackdown with $5 million defense fund
Regulation

OpenSea CEO vows to fight SEC’s NFT crackdown with $5 million defense fund

2024-08-29No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
OpenSea CEO vows to fight SEC’s NFT crackdown with $5 million defense fund
Share
Facebook Twitter LinkedIn Pinterest Email

OpenSea CEO Devin Finzer announced that the firm received a Wells Notice from the US Securities and Exchange Commission (SEC) because the regulator considers the NFTs on its platform securities.

In an Aug. 28 statement on X, Finzer expressed surprise at the SEC’s broad action against creators and artists. He stated:

“We’re shocked the SEC would make such a sweeping move against creators and artists. But we’re ready to stand up and fight.”

$5 million fund

Finzer emphasized that the SEC’s move ventures into uncharted territory. He warned that targeting NFTs could stifle innovation on a larger scale, jeopardizing the livelihoods of hundreds of thousands of online artists and creators.

He also noted that many do not have the resources to defend themselves. Due to this, OpenSea is pledging $5 million to help cover legal fees for NFT creators and developers who receive a Wells Notice from the financial regulator.

Finzer argued that NFTs are fundamentally creative products, including art, collectibles, video game items, domain names, and event tickets. He asserted that digital art should not be regulated like financial instruments such as collateralized debt obligations.

The OpenSea CEO expressed concern that regulatory threats could discourage creators from making digital art.

Wells notice

The Wells Notice issued to OpenSea signals a continued regulatory crackdown on digital assets in the US.

Jonathan Mann, also known as Songadayman, recently filed a lawsuit against the SEC regarding its potential treatment of NFTs as securities. He is concerned that the SEC’s approach could stifle creativity and innovation. He told CryptoSlate,

“This is exactly why we are suing. Regulating by enforcement doesn’t work. It’s so unjust.”

A Wells Notice is a preliminary announcement by the SEC indicating its intent to recommend enforcement action. This notice allows the recipient to respond before charges are formally proposed.

See also  Coinbase, Kraken plan to continue operating in Canada as regulatory rules change

Over the past year, the SEC has issued similar notices to several crypto-related firms, including Robinhood, Paxos, and Uniswap Labs. However, the notice to OpenSea is the first directed at an NFT-related company, showing that the regulator is closely scrutinizing NFT markets.

The outcome of this case could set a significant precedent for how NFTs are treated under US securities law, potentially affecting a wide range of digital artists and collectors.

Mentioned in this article
Latest Alpha Market Report

CEO Crackdown Defense Fight Fund Million NFT OpenSea SECs vows
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

INSANELY BULLISH For Crypto: SEC’s Move Could Pump These Projects!

2025-08-13

100 MILLION USD Per Bitcoin?

2025-07-31

There’s Always Bitcoin Available…You Might Have to Pay a Few Million For it!!

2025-07-31

1 MILLION Bitcoin DUMP — 170 Public Companies Just Sent MAJOR Warning

2025-07-12
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Videos

🚀TABI Flips Orange! Massive PT + Stacker & Miner Update🔥

2024-07-25

bitcoin #Miners $MARA $CLSK #Pensions #RFK #VanEck #PriceTarget #goldencross JOIN THE FAMILY: …

Blockchain

Pioneers’ insights for new Web3 professionals

2023-11-21

Entrepreneurs and professionals eyeing Web3 are likely both enthusiastic and wary. While seeming “overnight success”…

Metaverse

Forbes Metaverse Event In Partnership With The Sandbox

2023-07-07

Forbes, the infamous American business magazine company, has created a metaverse event in The Sandbox,…

Subscribe to Updates

Get the latest news and Update from CINN about Crypto, Metaverse and NFT.

Editors Picks

DCA Live | WEN TOP: EXIT PLAN 🎯

2025-08-18

Buy Bitcoin with Altcoin Gains? | When is Banana Zone Coming?

2025-08-16

Great News For Bitcoin Mining (Proto Rig)

2025-08-16

BTC Bombshell 🚨 Targets, Turnarounds & Terminal Debasement

2025-08-15
Crypto Investor News Network
Facebook Twitter Instagram TikTok
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Disclouser
© 2025 - All rights are reserved.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 115,388.92
ethereum
Ethereum (ETH) $ 4,232.24
xrp
XRP (XRP) $ 3.01
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 847.67
solana
Solana (SOL) $ 180.09
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 4,220.77
cardano
Cardano (ADA) $ 0.910706
tron
TRON (TRX) $ 0.348304
bitcoin
Bitcoin (BTC) $ 115,388.92
ethereum
Ethereum (ETH) $ 4,232.24
xrp
XRP (XRP) $ 3.01
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 847.67
solana
Solana (SOL) $ 180.09
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 4,220.77
cardano
Cardano (ADA) $ 0.910706
tron
TRON (TRX) $ 0.348304