OpenSea Unveils New NFT Marketplace Incoming After SEC Scrutiny – A Coincidence?
November 7, 2024 – Media Mention
The Tech Report
Partner and co-chair of Herrick's Securities Litigation and Enforcement Group, Arthur G. Jakoby, was quoted in The Tech Report discussing OpenSea's announcement of the launch of a new NFT marketplace after receiving a Wells Notice from the Securities and Exchange Commission ("SEC").
The article noted that OpenSea was the first NFT marketplace the SEC targeted with its increased enforcement earlier this year.
The article asked, "Will all NFT projects potentially be classified as illegal securities? Or is it just those that solely focus on profit that risk regulatory review?" Arthur believes the marketplace already knows which NFT collections the agency is targeting.