SEC's NFT Crackdown: A 'Nothing Burger'

While the SEC focuses on investor protection, Pudgy Penguins CEO Luca Schnetzler believes the regulator's actions against the NFT industry are just "nonsense." He claims that if the SEC goes after OpenSea, they will have to target many other larger organizations that have entered the NFT space.

Accountability in the NFT Space

Schnetzler argues that ultimately, investors have to be accountable when they purchase digital assets like NFTs. He believes that if someone buys an NFT for $100,000 or $1,000, that is their "conscious decision" and they should be responsible for it.

NFTs as Securities: A Nuanced Issue

Lawyer Oscar Franklin Tan has previously explained that in certain conditions, NFTs could be considered securities. However, he also said these are not the digital collectibles one would find on OpenSea. Schnetzler echoed this sentiment, stating that OpenSea is not selling on false promises.

Source: https://cointelegraph.com/news/pudgy-penguins-ceo-interview-token2049-sec

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