Uniswap CEO Criticizes OpenSea Receives Wells Notice: “Clowns” and “Idiotic Stance”
As the SEC’s broad pressure continued unchecked, numerous pro-crypto voices voiced opposition to the Wells Notice sent to NFT Market OpenSea on August 28. Less than a week after Democratic contender Kamala Harris was supposedly opening up to embracing friendlier crypto policies, OpenSea was declared the next target on the Securities and Exchange Commission’s chop list. By enabling the selling of NFTs or digital collectibles through its on-chain trading store, OpenSea may be sued for violating federal securities laws, according to the SEC’s Wells Notice.
SEC are clowns taking the idiotic stance that digital art magically transforms into a security when it’s put on a blockchain.
Hayden Adams, Uniswap CEO
OpenSea Faces Backlash After SEC Wells Notice: Industry Calls for Regulatory Reform
MonkeDAO attorney Ariel Givner allayed concerns about taking individual artists to court directly while OpenSea promised a $5 million legal relief package for creators. In response to the SEC‘s scrutiny of cryptocurrency providers, Coinbase CEO Brian Armstrong voiced optimism.
Pro-crypto figures have called for the resignation of SEC chair Gary Gensler, and the industry chorus denounced the decision as just another example of the SEC engaging in “regulation by enforcement.” Speculators also pointed out that the release of former President Donald Trump’s fourth NFT collection came less than a day after OpenSea’s Wells Notice was published.
- There is still no clear winner in the Polygon-based prediction market for the 2024 presidential election.
- Trump increased his advantage by 1% on Polymarket. Thus, Harris’ chances were not much improved by the news.
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