OpenSea gets Wells Notice from SEC - CoinJournal
The US Securities and Exchange Commission has issued a Wells Notice to OpenSea, the largest NFT marketplace. OpenSea co-founder Devin Finzer says the NFT platform will fight the SEC’s lawsuit
OpenSea said in a blog post on Aug. 28 that the SEC’s Wells Notice indicates the regulator – widely criticised for is regulation by enforcement action in the crypto space, is considering a lawsuit against the NFT platform. The SEC’s lawsuit against OpenSea will join a host of others, including against Uniswap, Robinhood and the crypto exchanges Kraken, Binance and Coinbase. SEC also charged Abra this week for its Earn program. SEC into uncharted waters, OpenSea says While the SEC has in recent months ramped regulatory crackdown on cryptocurrencies, OpenSea says the potential lawsuit against it over allegations of “collectibles, digital art, game items” being securities is a new low. “By targeting NFTs, the SEC is diving into new, uncharted waters, with potentially harmful consequences for consumers, creators, and entrepreneurs alike,” OpenSea wrote in a blog post. Devin Finzer, the co-founder and CEO of OpenSea, shared a similar reaction via X. According to Finzer, the SEC’s move is shocking. However, the platform is prepared to “stand up and fight.”
OpenSea also asserts that non-fungible tokens are fundamentally creative goods. As digital art or collectibles cannot be regulated in the same way as collateralized debt obligations. “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,” Finzer said.
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Grand Cayman, Cayman Islands, August 28th, 2024, Chainwire Fordefi brings institutional-grade security to the Sui Network Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, announced that it has joined forces with Fordefi, a company that employs multiparty computation (MPC) technology to deliver a secure institutional wallet platform for DeFi. Fordefi’s comprehensive platform and Web3 gateway provide an enterprise grade solution enabling builders, traders, and operators to self-custody their private keys, seamlessly connect to thousands of decentralized applications (dApps) across any blockchain, and manage digital asset operations with granular policies and a unified interface. Fordefi’s integration with Sui enables institutional users to securely self-custody their private keys and connect to thousands of dApps across various blockchains, ensuring complete control over their digital assets, enhancing operational efficiency, and dramatically simplifying digital asset management. The platform also offers customizable policies to protect workflows and consolidates all digital asset operations into a unified interface, providing a comprehensive and user-friendly asset management solution. “Sui’s scalable, secure platform is uniquely suited to meet the demands of institutional users,” said Gap Kim, Global Head of Marketing for Sui Foundation. “By providing a secure, institutional-grade custody solution and seamless access to DeFi features, Fordefi empowers asset managers, trading firms, and exchanges to fully leverage Sui’s capabilities, enhancing the Sui ecosystem and driving further adoption.” With this collaboration Fordefi becomes the first institutional-grade custody solution to offer convenient access to DeFi functionalities on the Sui blockchain. This integration benefits asset managers, trading firms, exchanges, and other institutional entities by providing a reliable and secure wallet-as-a-service. “We are excited to add support for Sui Network,” said Josh Schwartz, CEO and Co-Founder of Fordefi. “Enabling our MPC wallet on Sui Network ensures that institutional clients can now benefit from secure self-custody and seamless dApp integration, while accessing Sui DeFi. We look forward to the evolution of this partnership.” Contact Sui Foundation [email protected]
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