The legal team of the company stated that NFT market places do not comply with the definition of “stock market” according to the current legal framework and said that the SEC should clarify its attitude on this issue.

OpenSEA’s General Legal Counsel Adele Faure and his assistant Laura Brookover, on April 9, addressed to the Second commissioner Hester Peirce, the NFT market places should not be defined as the stock market within the framework of federal laws.

Peirce is also the president of the crypto Task Force within SEC and is known for its more moderate approach to crypto beings in the sector.

According to lawyers, NFT market places do not perform trading in person, they do not play the intermediary role among users and do not offer a classic stock market infrastructure that matches multiple sellers that list the same asset. For this reason, it was emphasized that they did not function in a legal sense.

“The Commission’s past practices have led to serious uncertainties in the sector. Therefore, an open and guiding stance needs to be exhibited in order to keep US technology companies in this field,” Faure and Brookover said.

OpenSEA’s officials pointed out to the latest statements of SEC’s Memecoin and Stablecoins, argued that a similar approach should be valid for the NFT area.

The Corporate Finance Department of the SEC, published on February 27, said that Memecoins are not considered as securities within the scope of federal laws, but rather seen as assets with collection value.

On the other hand, another announcement published on April 4 stated that stablecoins that meet certain conditions will not be classified as “securities.

Faure and Brookover, NFT market places should also be clarified with such explanations, he said. Stating that the current legal status uncertainty has a negative impact on investment, initiative and innovation throughout the sector, the two demanded that the SEC was published an unofficial guide and demanded this confusion.

In addition, as long -term solution, NFT market places should be exempted from the obligation to register as a “broker .. According to lawyers, platforms such as OpenSEA do not comply with the definition of “broker” because it does not offer investment advice, does not store user assets and does not perform transactions.

During the Trump administration, the SEC began to pursue a more moderate line against former president Gary Gensler’s strict regulatory approach.

In this context, it is also known that some sanctions and investigations previously initiated against crypto companies have been reduced. One of these processes was the closure of the securities investigation against OpenSEA.

This request for OpenSEA to the SEC is seen as a step that can affect not only its own platform, but also the general future of the NFT and Digital Collection market.