According to PANews, OpenSea has reached out to the U.S. Securities and Exchange Commission (SEC) to request clarification on the regulatory status of NFT platforms. The company argues that NFT platforms should not be classified as securities exchanges or brokers. This follows the SEC's decision in February to terminate its investigation into OpenSea for potential securities law violations.
OpenSea emphasized that it does not facilitate transactions or hold assets, but rather serves as a platform for buyers and sellers to discover and connect. The company believes that categorizing NFT platforms as securities platforms would be an overreach of regulatory authority. Additionally, the letter from OpenSea requests that the SEC exempt NFT platforms from proposed broker-dealer rules.