NEWSLETTER
The non -fungible Token market has urged the United States stock and values commission to exclude nft markets from regulation under federal values of values.
The SEC needs to “clearly affirm that the nft markets such as Opensa do not qualify as exchanges under federal laws of values”, the general lawyer of Opensea, Adele Faure and the general deputy director, Laura Brookover saying In a letter from April 9 to Commissioner Hester Peirce, who directs the agency's crypto Task Force.
Faure and Brookover argued that the nft markets do not comply with the legal definition of an exchange under the laws of values of the United States, since they do not execute transactions, they act as intermediaries or gather multiple sellers for the same asset.
“The previous compliance agenda has created uncertainty. Therefore, we urge the Commission to eliminate this uncertainty and protect the ability of US technology companies to lead in this space,” Faure and Brookover wrote.
The Opensa Legal Team has asked the SEC to issue informal guidance on nft markets. Fountain: SECOND
“When preparing this guide, the cryptographic working group must specifically address the application of the market exchange regulations for non -fungible assets, similar to the recent statements of the staff about Memecoins and Stablecoins,” added Faure and Brookover.
According to a notice published on April 4, the SEC said that the stable that comply with the specific criteria are considered “non -signing” and are exempt from the transaction reports requirements.
Meanwhile, the Division of Finance of the SEC Corporation said in a declaration of February 27 personnel that Memecoins are not values under federal laws of values, but are more similar to the collectibles.
nft markets do not conform to the definition of the corridor, says Opensea
Faure and Brookover argued that the cryptographic working group should also exempt nft markets as Opensa from having to register as a corridor, arguing that they do not give investment advice, execute transactions or assets of custody customers.
“We ask the SEC that eliminates the confusion of the existing industry on this issue by publishing an informal guide. In the long term, we invite the commission to exempt nft markets as opposed to the proposed runners regulation,” they said.
Related: OpenSA stops the Airdrop reward system after the reaction of the users
Under the Trump administration, the SEC has been slowly walking back its hard line posture towards the counterfeit cryptography under former President Gary Gensler.
The regulator has dismissed a series of application actions that previously launched against cryptographic companies and has eliminated probes to cryptographic companies for alleged violations of the Securities Law, including one in Opensa.
Magazine: Trump-Biden's commitment led to the obsession with the nft 'idiots' —Batsoupyum, nft collector
