Fake news: SEC thinks NFTs are securities
When OpenSea blogged about a Wells notice it received from the Securities and Exchange Commission (SEC), thousands of supporters instantly rallied. Withholding the actual letter, OpenSea broadcast a response in which it bemoaned the SEC’s supposed targeting of NFTs. The statement claimed that “classifying NFTs as securities would not only misinterpret the law, but would also jeopardize artists’ livelihoods.” It also warned of commissioners’ allegedly “harmful consequences for consumers, creators, and entrepreneurs.” Uproar ensued. Crypto promoters couldn’t agree more fervently with OpenSea’s blog and were more than happy to accept its characterization of the facts. They duly tweeted their views to millions of viewers. “I guess Gary Gensler thinks NFTs are securities after all,” wrote Bankless, putting words in the chairman’s mouth. “The SEC is now trying to claim that NFTs are securities,” tweeted Tyler Winklevoss, gaining 225,000 views. Brazenly, the CEO of OpenSea ...