OpenSea has called on the U.S. Securities and Exchange Commission (SEC) to exempt NFT marketplaces from regulation under federal securities laws. In a letter to Commissioner Hester Peirce, OpenSea's legal team argued that NFT marketplaces do not meet the definition of an exchange, as they do not execute transactions, act as intermediaries, or connect multiple sellers for the same asset. They expressed concern over regulatory uncertainty affecting technology companies in the space and requested the SEC to provide informal guidance regarding the application of exchange regulations to NFT marketplaces. Additionally, they argued that OpenSea should be exempt from broker registration, as it does not provide investment advice, execute transactions, or hold customer assets. Furthermore, the SEC recently indicated that NFTs are considered non-securities and are exempt from transaction reporting requirements, further contributing to the current discussion on regulatory clarity for NFT platforms.

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