OpenSea Challenges SEC Classification of NFTs as Securities

Online marketplace for non-fungible tokens (NFTs), OpenSea, has formally requested an exemption from regulation by the US Securities and Exchange Commission (SEC). In a letter sent to Crypto Task Force Chairman Commissioner Hester M. Peirce on April 9, 2025, OpenSea outlined its rationale behind challenging the SEC’s assertion that NFT marketplaces fall under the definition of securities exchange or broker under the Securities Exchange Act of 1934. The company argues that NFTs are not securities and do not meet the criteria for classification as an exchange or a broker.