U.S. Democratic Congressman Wiley Nickel slams SEC for “blatant abuse of power” in crypto enforcement

Wiley Nickel, a Democratic congressman in the United States, has strongly criticized the U.S. Securities and Exchange Commission, accusing the agency of undermining trust in the regulatory system due to its "law enforcement and supervision" approach. In a recent social media post, Nickel called the SEC's approach a "blatant abuse of power" that could stifle digital innovation across the United States. The congressman has been a supporter of cryptocurrencies and has been pushing for a regulatory framework for the industry to ensure that customers are protected. He warned that the SEC's aggressive enforcement strategy is creating widespread uncertainty, which could undermine the progress of emerging technologies, especially in the areas of Web3 and digital assets. He also added: "The SEC should choose to work with Congress to develop clear and fair regulations through a collaborative and transparent process that includes public input." He emphasized that only through such cooperation can a balanced regulatory framework be developed to protect consumers and support rather than hinder the continued innovation of digital technology. (CryptoSlate) Yesterday, OpenSea announced on the X platform that it had received the Wells Notice from the U.S. Securities and Exchange Commission, but was shocked by the SEC's actions to threaten creators and artists, and is now ready to stand up and fight for the industry. To help ensure creators can continue to create without fear, OpenSea said it intends to provide $5 million to cover legal fees for NFT artists and developers who receive Wells’ notice.