OpenSea has requested U.S. regulators to clarify the regulatory distinction between NFT marketplaces and securities exchanges or brokers. The call for clarity follows the SEC's decision to close its investigation into OpenSea regarding potential violations of federal securities laws. In a letter dated April 9, the company's legal team argued that classifying NFT marketplaces as securities exchanges represents regulatory overreach. OpenSea maintains that it does not function like a traditional exchange or broker, as it does not execute transactions or act as an intermediary. Instead, it serves as a digital marketplace that connects buyers and sellers of NFTs. Additionally, OpenSea has asked the SEC to exempt NFT marketplaces from proposed broker regulations, asserting that they do not provide investment advice or hold customer assets. This request comes amid a broader policy shift in regulatory approaches towards the crypto industry, particularly under the current presidential administration.

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