OpenSea is urging the SEC to clarify that NFT marketplaces shouldn't be regulated as securities exchanges. In a letter to Commissioner Hester Peirce, OpenSea's legal team argues that NFT platforms don't fit the legal definition of exchanges since they don't execute transactions or act as intermediaries. They also request that NFT marketplaces be exempt from broker registration, highlighting they don't provide investment advice or manage customer assets. OpenSea seeks informal guidance to clear industry confusion and protect US tech leadership in the NFT space.