OpenSea has appealed to the US Securities and Exchange Commission (SEC) to exclude NFT marketplaces from federal securities regulation.
In a letter dated April 9 to Commissioner Hester Peirce, head of the agency’s Crypto Task Force, OpenSea’s General Counsel Adele Faure and Deputy General Counsel Laura Brookover requested clarity on the matter.
They argued that NFT marketplaces like OpenSea do not qualify as exchanges under US securities laws, as they do not execute transactions, serve as intermediaries, or facilitate multiple sellers for the same asset.
Faure and Brookover expressed concern over past enforcement actions causing uncertainty and urged the SEC to provide clarity to support the leadership of US technology companies in the industry.
