“The risk has been in the back of people’s minds, but it has not been the same type of issue as creating a cryptocurrency,” said Cameron Pick, a partner at Marshall, Gerstein & Borun.
The chief executive officer of the largest nonfungible token marketplace revealed Wednesday that the U.S. Securities and Exchange Commission sent it a Wells notice over allegations that the digital assets the marketplace sells are unregistered securities.
“We’re shocked the SEC would make such a sweeping move against creators and artists,” Devin Finzer, the CEO of OpenSea, said on X. “By targeting NFTs, the SEC would stifle innovation on an even broader scale: hundreds of thousands of online artists and creatives are at risk, and many do not have the resources to defend themselves.”
Cameron Pick of Marshall, Gerstein & Borun. (Courtesy photo)
