OpenSea Gets SEC ‘Wells Notice’ – Industry Reaction

This morning, OpenSea said it had received a Wells Notice from the Securities Exchange Commission warning the agency was about to sue the leading NFT platform for violation of securities laws. The threatened action is the latest in a long line of similar moves from the SEC, and the reaction from the crypto industry has been fierce and near-uniform. Here is a small, representative sample.

Tyler Winklevoss, founder of Winklevoss Capital Management and the Gemini exchange:

Sheila Warren, CEO of the Crypto Council, a trade group (GG = Gary Gensler; leading an “anti-crypto army” was an ambition of Gensler ally Senator Elizabeth Warren (D-MA)):

Third, we have Variant Fund’s Jake Chervinsky, arguing that NFTs shouldn’t be covered by laws invented many decades earlier (the Securities Act was passed in 1933):

Next up: Gwart, self-described “crypto-Twitter troll,” discussing the wider implications of the SEC apparently going after the very-expansive NFT category:

Bankless co-founder Ryan Sean Adams:

Ex-CFTC Commissioner Brian Quintenz (now at a16z):

Bitcoiner Jameson Lopp arguing that, if the SEC’s intent is to protect investors, it’s years late:

Roham Gharegozlou, CEO of Dapper Labs, which has several NFT projects:

And finally, Anthony Scaramucci, who says Gensler is wrecking recent Democratic efforts to make allies in the crypto community:

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.