CandleFocus Magic Eden CEO Welcomes 'Regulatory Clarity' After SEC Threat to NFT Rival OpenSea
2024-09-13
Author: Content Editor
The NFT marketplace OpenSea has received a letter from the U.S. Securities and Exchange Commission (SEC) alleging that NFTs traded on its platform are securities. This marks a new development in the regulatory scrutiny of entities that provide trading platforms for NFTs. While Magic Eden, a leading NFT marketplace, is not currently under investigation by the SEC, CEO Jack Lu acknowledged that a lawsuit against OpenSea could have wide-ranging implications for the NFT space. Lu expressed a desire to comply with regulators and be a "good actor" in the ecosystem. He also indicated that Magic Eden would review any charges from the SEC before deciding whether to delist NFTs labeled as securities.
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