SEC threatens OpenSea because they believe NFTs are securities

OpenSea says it received a Wells notice from the SEC threatening to sue because the SEC believes NFTs on its platform are securities, and it has vowed to fight. The company argues that targeting NFTs would stifle innovation and put hundreds of thousands of online artists and creatives at risk, many of whom lack resources to defend themselves. OpenSea says it is pledging $5M to help cover legal fees for NFT creators and developers who receive a Wells notice. The post also cites a suit filed against the SEC by musician @songadaymann and conceptual artist @brianlfrye, who fear their art and music sales could be deemed unregistered securities offerings.