OpenSea responds: SEC believes NFT is a security, and the platform will provide $5 million in legal aid to NFT authors

BlockBeats news, on August 28, OpenSea CEO Devin Finzer responded on social media to "OpenSea received a Wells notice issued by the SEC":

"OpenSea received a Wells notice from the U.S. Securities and Exchange Commission, threatening to sue us because they believe that the NFTs on our platform are securities. We are shocked that the SEC will take such a large-scale action against creators and artists. But we are ready to stand up and fight.

By targeting NFTs, the SEC will stifle innovation on a larger scale: hundreds of thousands of online artists and creative people are at risk, and many do not have the resources to defend themselves. NFTs are essentially creative commodities: artworks, collectibles, video game items, domain names, event tickets, etc. The SEC should not regulate digital art like collateralized debt obligations.

In addition to sticking to its position, OpenSea also pledged to provide $5 million to help pay for NFTs that received the Wells notice. Legal fees for creators and developers. Every creator, big or small, should be able to innovate without fear. I hope the SEC wakes up sooner rather than later and listens with an open mind. Until then, we will stand up and fight for our industry. Keep going. ”