OpenSea seeks clarification from the SEC that NFT markets are not exchanges

OpenSea, the leading centralized NFT platform, is seeking clarification from the U.S. SEC that NFT markets are not exchanges or brokers under federal securities laws, and on Wednesday sent a letter to Commissioner Hester Peirce, chair of the Cryptocurrency Task Force.

The SEC closed its investigation into OpenSea in February amid a wave of deregulatory actions under a more cryptocurrency-friendly administration. As part of his early official acts, President Trump instructed the agency to clarify its stance on cryptocurrencies and to establish a "Cryptocurrency Task Force" to work with the industry on developing guidelines.

For many years, the SEC has faced criticism for its "regulation by enforcement" policy and its failure to develop effective rules. Under former Chairman Gary Gensler, the agency acted as though all cryptocurrencies—except for Bitcoin—were under its jurisdiction and subject to securities laws.