Digital Chamber of Commerce Calls SEC's Wells Notice to OpenSea 'Regulatory Overreach'
CryptoNewsTerminal Staff10 Sep, 2024
Digital Chamber of Commerce Calls SEC's Wells Notice to OpenSea 'Regulatory Overreach'
The Digital Chamber of Commerce (DCC), a crypto lobby group, has condemned the U.S. Securities and Exchange Commission's (SEC) Wells Notice to OpenSea as "regulatory overreach." The notice, issued in August, signals the SEC's potential intent to pursue an enforcement action against the NFT marketplace. The DCC argues that the SEC's actions create uncertainty and stifle innovation in the crypto industry. It urges Congress to intervene and clarify the regulatory landscape for NFTs. The organization maintains that NFTs should be classified as collectibles, not securities, and thus exempt from federal securities laws. SEC Chair Gary Gensler has been criticized for taking a "regulation by enforcement" approach to NFTs. The DCC's statement reflects growing industry concerns about the SEC's regulatory overreach and its potential impact on the development of the digital asset ecosystem.
