Users of NFT trading platform OpenSea accuse OpenSea of ​​selling unregistered securities contracts

Two OpenSea users filed a class action lawsuit in a federal court in Florida, USA, accusing NFT trading platform OpenSea of ​​selling unregistered securities contracts. Plaintiffs Anthony Shnayderman and Itai Bronshtein claim that the NFTs they purchased on OpenSea, including the once high-priced Bored Ape Yacht Club series, are "worthless" due to their "illegal nature." The plaintiffs cited the U.S. Securities and Exchange Commission (SEC) Wells notice disclosed by OpenSea last month as an argument. They believe that this shows that OpenSea may face legal liability for facilitating unregistered securities transactions. The lawsuit also mentioned the SEC's previous successful enforcement actions against NFT projects such as Stoner Cats 2 and Impact Theory, which the SEC determined to be unregistered securities sales. The plaintiffs claim that under the Howey test of the definition of securities, the NFTs on the OpenSea platform meet the definition of investment contracts under U.S. securities laws. The plaintiffs believe that these NFTs constitute an investment in a common enterprise and reasonably expect to profit from the efforts of others. The plaintiffs accused OpenSea of ​​deceptive NFT listings, misleading them into buying "worthless and illegal unregistered securities." They claimed that OpenSea violated user guarantees and failed to effectively regulate unregistered securities on the platform. OpenSea has not yet publicly responded to the lawsuit. (Cointelegraph)