{"id":10912,"date":"2025-04-10T11:01:09","date_gmt":"2025-04-10T09:01:09","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=10912"},"modified":"2025-04-10T11:01:09","modified_gmt":"2025-04-10T09:01:09","slug":"opensea-advocates-for-nft-marketplaces-to-be-exempt-from-sec-oversight","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/04\/10\/opensea-advocates-for-nft-marketplaces-to-be-exempt-from-sec-oversight\/","title":{"rendered":"OpenSea Advocates for NFT Marketplaces to be Exempt from SEC Oversight"},"content":{"rendered":"<p><\/p>\n<div data-v-a9acf736=\"\">\n<p>The non-fungible token market platform OpenSea has called upon the US Securities and Exchange Commission to specifically exclude NFT marketplaces from oversight under federal securities regulations.<\/p>\n<p>The SEC must \u201cunequivocally declare that NFT marketplaces like OpenSea do not constitute exchanges as per federal securities regulations,\u201d stated OpenSea\u2019s chief legal officer Adele Faure and deputy general counsel Laura Brookover <a data-ct-non-breakable=\"null\" href=\"https:\/\/www.sec.gov\/files\/ctf-input-faure-brookover-040925.pdf\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">in a letter<\/a> dated April 9 addressed to Commissioner Hester Peirce, who heads the agency\u2019s <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/learn\/articles\/sec-crypto-task-force\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">Crypto Task Force<\/a>.<\/p>\n<p>Faure and Brookover maintained that <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/learn\/articles\/what-are-nfts-and-why-are-they-revolutionizing-the-art-world\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">NFT marketplaces<\/a> do not fulfill the legal criteria of an exchange under US securities laws since they do not facilitate transactions, serve as intermediaries, or connect multiple sellers for a single asset.<\/p>\n<p>\u201cThe previous enforcement initiatives of the Commission have fostered ambiguity. Therefore, we advocate for the removal of this ambiguity to safeguard the capability of US tech firms to excel in this domain,\u201d Faure and Brookover articulated.<\/p>\n<figure><figcaption style=\"text-align: center;\">\n<p><em>The legal team at OpenSea has requested the SEC to provide informal guidance regarding NFT Marketplaces. Source: <\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/www.sec.gov\/files\/ctf-input-faure-brookover-040925.pdf\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\"><em>SEC<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n<p>\u201cWhile drafting this guidance, the Crypto Task Force should directly consider the relevance of exchange regulations to marketplaces dealing in non-fungible assets, akin to recent staff declarations concerning memecoins and stablecoins,\u201d Faure and Brookover further remarked.<\/p>\n<p>In a notice released on April 4, the SEC stated that <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/united-states-sec-covered-stablecoins-not-securities\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">stablecoins meeting certain conditions<\/a> are deemed \u201cnon-securities\u201d and are exempt from transaction reporting obligations.<\/p>\n<p><template data-ct-widget=\"buzzsprout\" data-buzzsprout-podcast-id=\"2096305\" data-buzzsprout-episode-id=\"16738093\"\/><\/p>\n<p>Simultaneously, the SEC\u2019s division of corporate finance mentioned in a staff statement on February 27 that <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/sec-memecoins-arent-securities-fraud-still-policed\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">memecoins are not classified as securities<\/a> under federal securities laws and are more analogous to collectibles.<\/p>\n<h2>OpenSea asserts NFT marketplaces don\u2019t conform to broker classification<\/h2>\n<p>Faure and Brookover contended that the Crypto Task Force should also exclude NFT marketplaces like OpenSea from the obligation to register as brokers, claiming they do not provide investment guidance, carry out transactions, or manage customer assets.<\/p>\n<p>\u201cWe urge the SEC to clarify the existing confusion in the industry concerning this matter by issuing informal guidance. In the long run, we encourage the Commission to exempt NFT marketplaces like OpenSea from intended broker regulations,\u201d they expressed.<\/p>\n<p><em><strong>Related: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/open-sea-xp-rewards-system-pause-listing-bidding\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\"><em><strong>OpenSea suspends airdrop reward program following user feedback<\/strong><\/em><\/a><\/p>\n<p>During the Trump administration, the SEC has gradually been softening its strict position on cryptocurrency established under former <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/learn\/articles\/who-is-gary-gensler-regulating-crypto\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">Chair Gary Gensler<\/a>.<\/p>\n<p>The regulator has dismissed <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/sec-to-dismiss-lawsuit-cumberland-drw\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">several enforcement actions<\/a> it had previously initiated against crypto companies and has curtailed investigations into crypto entities concerning alleged securities law breaches, <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/sec-closes-investigation-nft-platform-opensea\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">including one involving OpenSea<\/a>.<\/p>\n<p><em><strong>Magazine: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/magazine\/trump-biden-bet-polymarket-nft-obsession-batsoupyum-nft-collector\/\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\"><em><strong>Trump-Biden wager sparked fixation with \u2018absurd\u2019 NFTs \u2014Batsoupyum, NFT Collector<\/strong><\/em><\/a><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\" label=\"Subscription Form: DeFi Newsletter\"\/><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/opensea-urges-sec-exclude-nft-marketplaces-securities-regulation?utm_source=rss_feed&#038;utm_medium=rss_tag_regulation&#038;utm_campaign=rss_partner_inbound\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The non-fungible token market platform OpenSea has called upon the US Securities and Exchange Commission to specifically exclude NFT marketplaces from oversight under federal securities regulations. The SEC must \u201cunequivocally declare that NFT marketplaces like OpenSea do not constitute exchanges as per federal securities regulations,\u201d stated OpenSea\u2019s chief legal officer Adele Faure and deputy general<\/p>\n","protected":false},"author":3,"featured_media":10913,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[2069],"class_list":["post-10912","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy-and-markets","tag-return-a-list-of-comma-separated-tags-from-this-title-opensea-urges-sec-to-exclude-nft-marketplaces-from-regulators-remit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OpenSea Advocates for NFT Marketplaces to be Exempt from SEC Oversight - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/04\/10\/opensea-advocates-for-nft-marketplaces-to-be-exempt-from-sec-oversight\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OpenSea Advocates for NFT Marketplaces to be Exempt from SEC Oversight - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"The non-fungible token market platform OpenSea has called upon the US Securities and Exchange Commission to specifically exclude NFT marketplaces from oversight under federal securities regulations. 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