US Democratic congressman Wiley Nickel has strongly criticized the US SEC, accusing the agency of undermining trust in the regulatory system due to its "enforcement supervision" approach. In a recent social media post, Nickel called the SEC's actions "blatant abuse of power" and could stifle digital innovation across the United States. He also added, "The SEC should choose to work with Congress to develop clear, fair regulatory rules through collaborative and transparent processes, including public opinion." He emphasized that only through such cooperation can a balanced regulatory framework be established to protect consumers and support rather than hinder the continued innovation of digital technology.
Yesterday, OpenSea announced on X platform that it has received a Wells notice from the US Securities and Exchange Commission, but is shocked by the agency's actions threatening creators and artists and is ready to stand up for the industry. In order to help ensure that creators can continue to create without fear, OpenSea intends to provide $5 million to pay legal fees for NFT artists and developers who have received Wells notices.
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