Is This the SEC's Most Brazen Crypto Attack Yet?

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 30 August 2024

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

What's next, Pokemon and Magic the Gathering as securities? NLW covers the SEC sending a Wells Notice to Open Sea claiming NFTs are securities. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Thursday, August 29th, and today we are talking about
0:22.7	OpenC getting a Wells notice. Before we get into that, however, if you are enjoying the
0:27.2	breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive
0:30.8	deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show
0:34.6	notes or go to bit.ly slash breakdown pod.
0:42.2	The SEC has filed the latest salvo in the crypto crackdown, sending a Wells notice to NFT trading platform OpenC.
0:44.6	A Wells notice serves to warn of incoming enforcement actions and provides a right of response.
0:49.5	In this case, the SEC are alleging that NFTs are securities, and OpenC was therefore
0:53.9	operating as an unlicensed securities exchange and OpenC was therefore operating as an
0:54.8	unlicensed securities exchange. OpenC joins the rank of Coinbase, Cracken, and Consensus,
0:59.5	who are in active litigation, as well as Uniswap and Robin Hood, who have been served with
1:03.2	Wells notices as well. OpenC's CEO, Devin Finzirk, disclosed the Wells notice and said,
1:08.3	We're shocked the SEC would make such a sweeping move against creators and artists, but
1:12.2	we're ready to stand up and fight.
1:13.7	This is a move into uncharted territory.
1:16.0	By targeting NFTs, the SEC would stifle innovation on an even broader scale.
1:20.1	Hundreds of thousands of online artists and creatives are at risk, and many do not have
1:23.7	the resources to defend themselves.
1:25.6	NFTs are fundamentally creative goods.
1:28.0	Art, collectibles, video game items, domain names, even tickets, and more. We should not regulate
	...

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