SEC is asked for clarification regarding the NFT market principles by OpenSea.

NFT platform OpenSea requests clarification from U.S. regulators that it and similar platforms should not be regarded as securities exchanges or brokers. &nbsp,

The Securities and Exchange Commission ( SEC ) dropped a probe into the company’s alleged violation of federal securities laws just months after making the request.

Adele Faure, the company’s general counsel, and Laura Brookover, its deputy public lawyers, wrote in a text dated April 9 that SEC Commissioner Hester Peirce should provide informal instructions to clarify that NFT markets are outside the purview of broker-dealer and trade regulations.

They wrote that “regulatory overreach” may be reached by defining OpenSea and other NFT sites as stocks exchanges or brokers.

The business claims that because it doesn’t carry out transactions or act as an intermediary, it doesn’t fall under the legal description of an exchange under U.S. securities regulations. &nbsp,

Instead of facilitating investments in the conventional sense, OpenSea describes itself more as a modern market than as a trading floors, “allowing people to learn NFTs and connect with buyers and sellers.”

Additionally, it criticized the agent brand, saying it doesn’t offer investment advice, negotiate discounts, or take over custody of customers ‘ assets. It has asked the Commission to remove proposed agent oversight from NFT markets like OpenSea over the long term.

The SEC’s selection in February to postpone some well-known investigations into bitcoin businesses, including one into OpenSea, follows the email. &nbsp,

Those decisions were made as part of a wider coverage change under Donald Trump, which has embraced the blockchain industry, despite skeptics who wonder if the president is merely trying to make money for himself.

NFTs have remained in the slums over the past couple of years despite Bitcoin’s record-breaking march and the DeFi firm’s development. &nbsp,

Buying levels and revenue numbers dropped to their lowest levels since 2020 in 2024. Annual trading volumes decreased by 19 %, while sales decreased by 18 % compared to the same period last year.

edited by Sebastian Sinclair