Now OpenSea has become the latest crypto exchange to face a lawsuit by the crypto-hater financial regulatory body of the USA.
OpenSea is a popular crypto NFTs trading platform. From 2021 to 2022, this platform was a top-trending platform for NFTs traders, but last year, this platform decided to bring trading of crypto assets on the platform to increase revenue to survive amid degrading interest of NFTs in the crypto space.
On 28 Aug 2024, The OpenSea team confirmed that they received a Wells notice from the United States Securities and Exchange Commission (SEC). The SEC believes NFTs on the OpenSea platform are securities and trading of these NFTs is subject to the violation of the Securities Act.
In response, the OpenSea team said that they’re shocked that the SEC is indirectly taking action against creators and artists, but the OpenSea leaders are ready to stand up and fight.
SEC vs Crypto firms
Cryptocurrencies have long been in the crosshairs of the SEC, and companies like Coinbase, Uniswap, RobinhoodApp, Krakenfx, and ConsenSys have been fighting against the SEC’s single-track approach of “regulation by enforcement.”
Coinbase CEO Brian Armstrong congratulated OpenSea’s CEO for joining the list of crypto firms facing legal actions by the US SEC.
It is worth noting that this year, the majority of crypto companies facing lawsuits are taking it as a very light thing. In the majority of the cases, crypto executives confirmed that they were already aware of the lawsuit actions.
Ripple vs SEC
In Dec 2020, the SEC filed suit against the Ripple firm, and now this week, the court judge completed the case.
In the final judgement round, the court ruled partially in favour of the San Francisco-headquartered blockchain firm Ripple and the SEC.
The court assessed a civil monetary penalty of approximately $125 million against Ripple, which the court calculated by applying a transaction-by-transaction approach, resulting in a penalty that is significantly lower than the SEC’s approximate $876 million fine.
Read also: Confidence among $Ton coin traders surge, Telegram CEO secures bail in France
