NFT Marketplace OpenSea Gets SEC Wells Notice in Sign of Enforcement Action

Nonfungible token marketplace OpenSea said it has received a Wells Notice from the US Securities and Exchange Commission, indicating the regulator’s intention to sue the company.

The agency alleged the tokens on its platform are unregistered securities, OpenSea Chief Executive Officer Devin Finzer said in a blog post Wednesday. The SEC does not comment on the existence or nonexistence of a possible investigation, an agency spokesperson said.