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While OpenSea has ridiculed the idea that NFts can be securities, it's taken actions that suggest it has long been aware that some collections listed on its site are more than just art, according to 3 former employees of OpenSea, as well as company documents seen by @DLNewsInfo. https://t.co/1c1V8IdMKm
Crypto supporters scoffed when news broke @opensea was the target of an @SECGov probe... Turns out the NFT marketplace has been weeding out problematic collections for some time. First-rate reporting by @bdanweiss for @DLNewsInfo: https://t.co/nm4Af5AUA7
devin finzer, OpenSea's CEO, said he was "shocked" over potential legal action from the SEC, BUT his marketplace has long acted to protect itself from the same legal specter that now threatens his startup https://t.co/ybF4PRQ9xQ
OpenSea, the leading NFT marketplace, is reportedly under investigation by the U.S. Securities and Exchange Commission (SEC). While CEO Devin Finzer expressed surprise over potential legal action, sources indicate that the company has been quietly removing NFTs that might be considered securities for years before the SEC's scrutiny. According to three former employees and company documents seen by DLNewsInfo, OpenSea has been aware that some collections on its platform are more than just art and has taken steps to protect itself from regulatory scrutiny. Despite publicly ridiculing the idea that NFTs can be securities, the company's actions suggest it has long been aware of the legal risks and has been weeding out problematic collections to protect its operations.