OpenSea Challenges SEC on NFT Classification

OpenSea has formally requested the SEC to reconsider the classification of NFT marketplaces as brokers or exchanges. The platform argues that it facilitates peer-to-peer trading of unique digital assets, distinct from traditional brokers who provide investment advice and execute trades.

The SEC recently concluded an investigation into OpenSea without imposing charges, suggesting a potential softening stance on crypto-related businesses. OpenSea's CEO, Devin Finzer, emphasized that misclassifying NFTs as securities could hinder innovation and growth in the Web3 ecosystem.

Despite a slump in NFT market activity, OpenSea believes regulatory clarity could rejuvenate investor confidence and drive technological advancement.