The world’s head NFT Market Opensea has urged the US Securities and Exchange Commission (SEC) to discount the NFT Market under Federal Securities Rules. Opensea says that the NFT platform does not fall into the definition of traditional “exchange” or “broker” and it is not right to control them with these standards.
Opensea’s General Counsel Adele Faure and Deputy General Counsel Laura Brookover wrote a letter to SEC Commissioner Hester Peerce on 9 April, in which it was demanded that the NFT market was clearly placed out of the scope of the regulated “exchange”.
NFT Market is neither a broker nor exchange
Opensea’s legal team believes that, NFT Market neither trading, neither executes transactions nor keeps users’ assets. Therefore, they should neither be considered a “broker” nor “exchange”.
Adele Faure and Laura Brookover wrote in the letter,
“The Commission’s Prior Enforcement Policies have caused confusion in the industry.
He also added that, Crypto Process Power should review the impact of the regulations on the NFT market well, such as recently staff statements were released about Memecoin and StableCoin.
Explain that SEC issued a notice on April 4, saying that stablecoin, who fulfills certain conditions, falls in the category of “non-systemics” and trading reporting on them will not be necessary. Apart from this, on 27 February, SEC also clarified that MemeCoin also does not fall into the category of traditional securities, but they are similar to collecticts.
Similarly, to read other news related to NFT Market, you can go to our Crypto Hindi News section, where you NFT Gross Sales declined after the announcement of NFT Market X2y2 You will get to read such news.
This step of Opensea pointed to a change in Crypto Coverage
This step of Opensea has come at a time when SEC’s policy is seeing softening. During the Trump Government, SEC has discontinued the ongoing investigation against several crypto firms. These include investigation against Opensea.
Opensea has also appealed to SEC to give permanent discounts on requirements to register NFT Market as a broker. He says that this will give American technology companies a chance to lead in global innovation.
Conclusion
Opensea’s appeal indicates a large and rapidly growing digital asset market, which may be challenging to fit into the existing legal framework. NFT Market is based on a completely new business model, which is quite different from the traditional financial system. In such a situation, there is a demand of the players associated with the industry that they should not be seen with the same lens, so that traditional financial organization is seen.
It will now be seen what SEC takes on this appeal. If the demand for Opensea is accepted, it would be a great relief for the NFT and digital asset industry. With this news, if you want to know other news related to NFT, then our NFT Information You can know by going to the section.
