OpenSea just caught a Wells notice

[sonatine]

Embedded Tweet

https://twitter.com/dfinzer/status/1828791832009953706

OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities.

We're shocked the SEC would make such a sweeping move against creators and artists. But we're ready to stand up and fight.

Cryptocurrencies have long been in the crosshairs of the SEC, and companies like
@coinbase
@Uniswap
@RobinhoodApp
@krakenfx
@Consensys

have been fighting against the SEC's single-track approach of "regulation by enforcement."

But this is a move into uncharted territory. By targeting NFTs, the SEC would stifle innovation on an even broader scale: hundreds of thousands of online artists and creatives are at risk, and many do not have the resources to defend themselves.

NFTs are fundamentally creative goods: art, collectibles, video game items, domain names, event tickets, and more.

We should not regulate digital art in the same way we regulate collateralized debt obligations.

As we've built OpenSea, we've heard so many stories about the impact of NFTs on people’s lives, including:

• Student artists finding full-time careers in selling their digital art
• Indie game developers instantly enabling open markets for their in-game items, without having to build marketplaces from scratch
• Passionate collectors from different corners of the world joining new communities, all centered around shared digital ownership

It would be a terrible outcome if creators stopped making digital art because of regulatory saber-rattling. Take, for example, the suit filed against the SEC by the musician @songadaymann and conceptual artist @brianlfrye, which describes their fear that the sale of their art and music could be deemed unregistered securities offerings.

In addition to standing our own ground, we're pledging $5M to help cover legal fees for NFT creators and devs that receive a Wells notice. Every creator, big or small, should be able to innovate without fear.

I hope the SEC will come to its senses sooner rather than later, and that they'll listen with an open mind.

Until then, we'll stand up and fight for our industry.

Onwards ��⛵️

[Orko]

As we've built OpenSea, we've heard so many stories about the impact of NFTs on people’s lives, including:

• Student artists finding full-time careers in selling their digital art
• Indie game developers instantly enabling open markets for their in-game items, without having to build marketplaces from scratch
• Passionate collectors from different corners of the world joining new communities, all centered around shared digital ownership

He doesn't understand there's a long term plot to enslave humanity esp white people, debt and despotism will be used instead of chains and shackles.
Everything he listed are bad things, as if that wasn't bad enough. They're not using DEI to screen out the whites and their revenue stream not being
heavily skimmed by the elites. They're fucked.

Putin tried to circumvent the skim, debt and despotism. There were even all kinds of unapproved billionaires, now ex billionaires.
The US govt w Zelensky teamed up and seized their sovereign wealth fund, the unapproved billionaires lost everything.
Wait til they get the bill for reparations and find out their family farms will be put up for sell to cover their debts.
All whites in Ukraine and Russia are now enslaved for generations with very little chance of escape.
Everyone suffering ptsd, broken families.

Nothing makes sense until you realize there is a conspiracy.

[Dan Druff]

I don't agree that NFTs are securities, but Opensea has long played fast and loose with the law, including failing to engage in KYC procedures or working to prevent scams.

Can't feel sorry for them.