{"id":21469,"date":"2025-04-10T10:32:51","date_gmt":"2025-04-10T10:32:51","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=21469"},"modified":"2025-04-10T10:32:51","modified_gmt":"2025-04-10T10:32:51","slug":"opensea-urges-sec-to-exempt-nft-marketplaces-from-securities-regulations","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=21469","title":{"rendered":"OpenSea Urges SEC To Exempt NFT Marketplaces From Securities Regulations"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">Leading non-fungible token (NFT) marketplace OpenSea has called on the U.S. Securities and Exchange Commission (SEC) <\/span><span data-preserver-spaces=\"true\">to formally exempt NFT platforms from federal securities regulations<\/span><span data-preserver-spaces=\"true\">. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.sec.gov\/files\/ctf-input-faure-brookover-040925.pdf\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">letter dated April 9<\/span><\/a><span data-preserver-spaces=\"true\">, OpenSea\u2019s general counsel Adele Faure and deputy general counsel Laura Brookover appealed to SEC Commissioner Hester Peirce, who heads the agency\u2019s Crypto Task Force.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Faure and Brookover urged the SEC to <\/span><span data-preserver-spaces=\"true\">make it clear<\/span><span data-preserver-spaces=\"true\"> that NFT marketplaces like OpenSea do not fall under the definition of an \u201cexchange\u201d as outlined in U.S. securities law. <\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-ai-crypto-coins\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10 Best AI Crypto Coins to Invest in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">OpenSea: NFT Platforms Aren\u2019t Exchanges Under Securities Law<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">OpenSea\u2019s general counsel argued that platforms facilitating NFT trades do not execute transactions, act as intermediaries, or bring together multiple buyers and sellers for the same financial instrument.<\/span><\/p>\n<blockquote>\n<p><span data-preserver-spaces=\"true\">\u201cThe Commission\u2019s past enforcement actions have created legal uncertainty,\u201d the letter stated. \u201cWe urge the Commission to remove this uncertainty and protect the ability of U.S. technology companies to lead innovation in the digital asset space.\u201d<\/span><\/p>\n<\/blockquote>\n<p><span data-preserver-spaces=\"true\">The request follows recent moves by the SEC to clarify its stance on other digital assets. On April 4, the SEC announced that certain stablecoins would be classified as \u201cnon-securities,\u201d exempting them from transaction reporting requirements. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Similarly, a February staff statement from the SEC\u2019s Division of Corporation Finance declared that meme coins are not considered securities but <\/span><span data-preserver-spaces=\"true\">rather<\/span><span data-preserver-spaces=\"true\"> digital collectibles.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today, OpenSea submitted a letter to the SEC Crypto Task Force detailing why NFT marketplaces like OpenSea aren&#8217;t exchanges or brokers under federal securities law. We also called for clear guidance to eliminate market uncertainty and support the growth of the NFT ecosystem.\u2026<\/p>\n<p>\u2014 Laura Brookover (@laurabrooksie1) <a href=\"https:\/\/twitter.com\/laurabrooksie1\/status\/1910086640585842812?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">April 9, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Faure and Brookover believe the Crypto Task Force should follow suit with NFTs, arguing that OpenSea and similar platforms should not be subject to broker registration. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">T<\/span><span data-preserver-spaces=\"true\">hey<\/span><span data-preserver-spaces=\"true\"> emphasized that NFT marketplaces do not offer investment advice, hold user assets, or carry out financial transactions on users\u2019 behalf.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe ask the SEC to publish informal guidance to resolve confusion around NFTs,\u201d they wrote. \u201cIn the long term, we urge the Commission to provide exemptions for NFT marketplaces from proposed broker regulations.\u201d<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">SEC Eases Crypto Stance Under Trump<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The request comes as the SEC, under the Trump administration, gradually moves away from the more aggressive regulatory posture adopted under former Chair Gary Gensler.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In recent months, the agency has dropped multiple enforcement actions against crypto firms, including an earlier probe into OpenSea itself.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The change in approach coincides with a\u00a0<\/span><span data-preserver-spaces=\"true\">major<\/span><span data-preserver-spaces=\"true\">\u00a0shift in leadership. Former SEC Chair Gary Gensler, who had spearheaded an aggressive regulatory crackdown on the crypto industry, resigned.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">During his tenure, which began\u00a0in 2021, the SEC launched more than 100 enforcement actions against crypto firms.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Gensler\u2019s departure occurred\u00a0on the same day that Donald Trump, who has signaled a more crypto-friendly stance, began his second term as U.S. president.\u00a0Trump had previously vowed to fire Gensler\u00a0if elected, a promise that appears to have played a role in the SEC\u2019s shifting regulatory tone.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-meme-coin-icos\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best Meme Coin ICOs to Invest in April 2025<\/span><\/a><\/strong><\/p>\n<p><strong><a class=\"editor-rtfLink\" href=\"https:\/\/discord.gg\/B7Uk6agkqj\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/span><\/a><\/strong><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">OpenSea has urged the SEC to exempt NFT marketplaces from being classified as securities exchanges.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">The company argues that NFT platforms do not execute transactions or hold user assets, and therefore shouldn\u2019t be subject to broker regulations.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">The request aligns with the SEC\u2019s recent softer stance on crypto under the Trump administration following Gary Gensler\u2019s departure.<\/span>    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/opensea-urges-sec-to-exempt-nft-marketplaces-from-securities-regulations\/\">OpenSea Urges SEC To Exempt NFT Marketplaces From Securities Regulations<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Leading non-fungible token (NFT) marketplace OpenSea has called on the U.S. Securities and Exchange Commission (SEC) to formally exempt NFT platforms from federal securities regulations. In a letter dated April 9, OpenSea\u2019s general counsel Adele Faure and deputy general counsel Laura Brookover appealed to SEC Commissioner Hester Peirce, who heads the agency\u2019s Crypto Task Force. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-21469","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/21469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21469"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/21469\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}