Pudgy Penguins’ CEO calls the SEC’s NFT crackdown nonsense, emphasizing resilience in the face of regulation. OpenSea faces scrutiny as the SEC questions whether certain NFTs qualify as securities. Pudgy Penguins is a prominent Web3 brand featuring a collection of 8,888 non-fungible tokens (NFTs) launched on the Ethereum blockchain. The CEO of Pudgy Penguins recently…
The Stand With Crypto Alliance, a Coinbase-backed non-profit organization, is leading efforts to establish the Creator Defense Fund initiative that has raised $6 million from venture capital firm Andreessen Horowitz (a16z) and NFT marketplace OpenSea. According to a Sept. 13 press release, a16z contributed $1 million to the fund, while OpenSea pledged the remaining $5…
September 11, 2024 at 07:00 AM GST updated: September 10, 2024 at 01:59 PM 2 mins read News NFT marketplaces are becoming more diverse to meet the needs of users and focus not only on democratizing content creation but also on offering high-quality artwork. Both Mintable and Rarible are bent on improving usability and building…
The arrest of Telegram CEO Pavel Durov in France has sent shockwaves through the crypto community. Coinbase CEO Brian Armstrong expressed optimism about the future of crypto payments, predicting it as the next big boom driven by advancements in technology. The SEC has issued a Wells notice to Opensea, potentially classifying NFTs as securities. Economist…
August 30, 2024 at 03:45 AM GST updated: August 30, 2024 at 12:03 AM 2 mins read News Ripple CLO cites 1976 SEC ruling to defend NFTs as non-securities in the OpenSea case. OpenSea receives Wells Notice from SEC, signaling possible securities classification for NFTs. SEC criticized for ‘regulation by enforcement,’ impacting innovation in digital…
OpenSea, the prominent NFT marketplace, has received a Wells notice from the SEC, suggesting that the agency suspects OpenSea of violating federal securities laws by facilitating the sale of NFTs that may qualify as securities. This action has raised worries regarding the possibility of implementing more extensive controls inside the NFT business. Devin Finzer, the…
August 29, 2024 at 04:58 AM GST updated: August 29, 2024 at 04:56 AM 2 mins read News The legal battle of OpenSea with the SEC raises questions regarding the status of NFTs as securities, which may concern many artists and creators. Responding to the SEC’s action to regulate NFTs is likely to stifle the…
Former U.S. President Donald Trump has released a fourth series of non-fungible token (NFT) digital trading cards. The collection includes 50 unique cards, featuring images such as Trump holding bitcoin. Collectors may receive a physical trading card containing a piece of a suit worn during the presidential debate with Joe Biden and could be invited…
The U.S. Securities and Exchange Commission (SEC) has issued a Wells notice to Opensea, signaling potential enforcement action against the NFT marketplace. Opensea’s CEO criticized the SEC’s move, claiming it could negatively impact innovation and creators’ livelihoods. The platform is prepared to contest the action and has committed $5 million to support NFT creators facing…
August 29, 2024 at 01:15 AM GST updated: August 28, 2024 at 11:12 PM 2 mins read News OpenSea receives a Wells Notice from the SEC, indicating a potential lawsuit over NFTs as securities. OpenSea sets up $5M legal defense fund for creators amid SEC securities classification dispute. SEC’s past actions include hefty fines on…
In a shocking development, the US Securities and Exchange Commission (SEC) has issued a Wells Notice to the NFT platform OpenSea. Indeed, the notice assures that the agency intends to sue the marketplace while calling non-fungible tokens on the platform securities. In a post to X (formerly Twitter), OpenSea noted they were “shocked that the…
OpenSea CEO Devin Finzer announced that the firm received a Wells Notice from the US Securities and Exchange Commission (SEC) because the regulator considers the NFTs on its platform securities. In an Aug. 28 statement on X, Finzer expressed surprise at the SEC’s broad action against creators and artists. He stated: “We’re shocked the SEC…
The US Securities and Exchange Commission has made it its mission to target various cryptocurrency platforms, albeit with questionable success so far. Next on the list is the NFT platform OpenSea, whose CEO went on to X to express the team’s disappointment in the regulator’s move. Devin Finzer, OpenSea’s chief exec, tweeted that the company…
OpenSea has received a Wells Notice from the SEC as the commission believes NFTs to be securities The platform’s head has claimed that it would oppose this claim and has pledged millions to cover artists legal costs OpeanSea, a leading NFT marketplace, seems to have drawn the attention of the US Securities and Exchanges Commission…