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“We’re Not Brokers”: OpenSea Urges SEC to Clarify NFT Marketplace Regulations
OpenSea, the leading non-fungible token (NFT) marketplace, has formally requested the Securities and Exchange Commission (SEC) to clarify its regulatory stance on NFT marketplaces. In a statement, OpenSea emphasized that it is not a broker and therefore should not be subject to broker regulations.
The request comes as the SEC’s Crypto Task Force continues to work towards providing clearer guidelines for the crypto industry. This move marks an important step in shaping the regulatory landscape for NFTs and other digital assets.
In a statement, OpenSea explained that they are seeking clarification on their status as a marketplace versus a broker-dealer. The company believes it does not meet the criteria for regulation under the Exchange Act, citing two key reasons.
Firstly, transaction execution is handled by smart contracts, which means that OpenSea is merely facilitating the exchange between parties rather than acting as an intermediary or market maker.
Source: https://coincentral.com/were-not-brokers-opensea-urges-sec-to-clarify-nft-marketplace-regulations/
