OpenSea Pushes for Clarity on NFT Marketplace Regulations
Non-fungible token (NFT) marketplace OpenSea has formally requested that the U.S. Securities and Exchange Commission (SEC) clarify its stance on regulating NFT marketplaces under federal securities laws.
In a letter to SEC Commissioner Hester Peirce, OpenSea’s general counsel, Adele Faure, and deputy general counsel, Laura Brookover, urged the agency to explicitly exclude NFT platforms like OpenSea from being categorized as exchanges.
OpenSea’s legal team argues that NFT marketplaces do not meet the legal definition of an exchange because they don’t facilitate transactions, act as intermediaries, or consolidate multiple sellers for the same asset.
They highlighted the uncertainty created by the SEC’s past enforcement actions and called for the commission to provide clear guidance, ensuring that U.S. technology companies can continue to lead in the NFT space without regulatory ambiguity.
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