NFTs can be securities but SEC Wells notice to OpenSea ‘not productive’ — Lawyer
Atlas Development chief legal officer Oscar Franklin Tan stated that the Wells notice “does everything except provide us with clear rules to follow.”
A lawyer believes that, in some cases, non-fungible tokens can be considered securities. However, the legal professional believe that the recent Wells notice sent by the United States Securities and Exchange Commission (SEC) to OpenSea is not a good use of their time.
On Aug. 28, OpenSea CEO Devin Finzer said that the company received a Wells notice from the SEC, saying that the government agency believes that NFTs on their platform are securities.
A Wells notice from the SEC is a formal warning indicating that the government agency may take enforcement action against a company. It typically outlines the regulator’s case and gives the potentially accused firm an opportunity to respond to the allegations.
Atlas Development chief legal officer Oscar Franklin Tan stated that the Wells notice “does everything except provide us with clear rules to follow.”
A lawyer believes that, in some cases, non-fungible tokens can be considered securities. However, the legal professional believe that the recent Wells notice sent by the United States Securities and Exchange Commission (SEC) to OpenSea is not a good use of their time. On Aug. 28, OpenSea CEO Devin Finzer said that the company received a Wells notice from the SEC, saying that the government agency believes that NFTs on their platform are securities. A Wells notice from the SEC is a formal warning indicating that the government agency may take enforcement action against a company. It typically outlines the regulator’s case and gives the potentially accused firm an opportunity to respond to the allegations.Read more