SECsucks

OpenSea recently received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), which indicated that the SEC is considering filing a lawsuit against OpenSea.
For those who haven’t been following the recent developments of the U.S. Securities and Exchange Commission (SEC) closely, your reaction may be surprise: What could NFTs (collectibles, digital art, gaming items, and event tickets, among others) possibly have to do with securities laws?
But for those who have been closely following the cryptocurrency politics and regulatory landscape, the reaction has been more one of weariness and disappointment. Cryptocurrency has long been a focus of the SEC, but by targeting NFTs, the SEC is entering new and uncharted territory that could have potentially harmful consequences for consumers, creators, and entrepreneurs.