Source: Cointelegraph Original: "{title}"

The NFT market OpenSea has urged the U.S. Securities and Exchange Commission (SEC) to exclude NFT markets from regulation under federal securities laws.

OpenSea's General Counsel Adele Faure and Deputy General Counsel Laura Brookover stated in a letter to SEC Commissioner Hester Peirce on April 9, "The SEC needs to clearly state that NFT markets like OpenSea do not fall under the definition of an exchange under federal securities laws."

Faure and Brookover argue that NFT markets do not meet the legal definition of an exchange under U.S. securities law because they do not execute trades, act as intermediaries, or bring multiple sellers together to sell the same asset.

"The Commission's past enforcement agenda has created uncertainty. Therefore, we urge the Commission to eliminate this uncertainty and protect the leadership of U.S. tech companies in this field," Faure and Brookover wrote.

OpenSea's legal team has requested the SEC to issue informal guidance regarding NFT markets. Source: SEC

Faure and Brookover added, "In preparing this guidance, the Crypto Task Force should pay particular attention to the applicability of exchange regulation to NFT markets, similar to recent staff statements regarding memecoins and stablecoins."

According to a notice released on April 4, the SEC stated that stablecoins meeting certain criteria are considered "non-securities" and do not need to comply with trading reporting requirements.

Meanwhile, the SEC's Division of Corporation Finance stated in a staff statement on February 27 that memecoins do not fall under the definition of securities under federal securities laws, but are more akin to collectibles.

OpenSea believes NFT markets do not meet the definition of a broker.

Faure and Brookover argue that the Crypto Task Force should also exempt NFT markets like OpenSea from the requirement to register as brokers, as they do not provide investment advice, execute trades, or hold customer assets.

"We request the SEC to eliminate the existing confusion in the industry on this issue by issuing informal guidance. In the long term, we invite the Commission to exempt NFT markets like OpenSea from broker regulatory proposals," they stated.

During the Trump administration, the SEC gradually rolled back the tough stance on cryptocurrencies pushed by former Chairman Gary Gensler.

The regulatory agency has withdrawn several enforcement actions previously initiated against crypto companies and has ceased investigations into alleged violations of securities laws by crypto companies, including the investigation into OpenSea.

Related: Three Reasons for the Continued Decline in Ethereum Prices

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