OpenSea urges SEC to exclude NFT marketplaces from regulator’s remit

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The story "OpenSea urges SEC to exclude NFT marketplaces from regulator’s remit" was covered 1 weeks ago by Coin Telegraph, a news publisher based in United States.

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Coin Telegraph 1w ago

OpenSea urges SEC to exclude NFT marketplaces from regulator’s remit - Coin Telegraph

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Source: SEC“In preparing this guidance, the Crypto Task Force should specifically address the application of exchange regulations to marketplaces for non-fungible assets, similar to the recent staff statements on memecoins and stablecoins,” Faure and Brookover added. Under a notice published on April 4, the SEC said stablecoins that meet specific criteria are considered “non-securities” and are exempt from transaction reporting requirements.

The SEC needs to “clearly state that NFT marketplaces like OpenSea do not qualify as exchanges under federal securities laws,” OpenSea general counsel Adele Faure and deputy general counsel Laura Brookover said in an April 9 letter to Commissioner Hester Peirce, who leads the agency’s Crypto Task Force.

NFT marketplaces don’t fit broker definition, says OpenSeaFaure and Brookover argued the Crypto Task Force should also exempt NFT marketplaces like OpenSea from having to register as a broker, arguing they don’t give investment advice, execute transactions, or custody customer assets.“We ask the SEC to clear the existing industry confusion on this issue by publishing informal guidance.