“‘Any NFT is a Security’: What an SEC Wells Notice Sent to OpenSea Could Mean for Attorneys” (featured quotes)

Cameron Pick, a partner and leader of our Blockchain & Cryptocurrency group, was profiled in The National Law Journal this week following breaking news that OpenSea, the largest nonfungible token (NFT) marketplace, expects to be sued by the U.S. Securities and Exchange Commission, according to the organization’s CEO on X.

Cameron told The National Law Journal that it’s notable that the SEC will likely pursue charges against “the big exchange itself” instead of filing complaints against individual creators.

“To go after the biggest NFT exchange is a signal to the public that not a few NFTs are securities, but any NFT is a security,” Pick said in an interview. “If you are representing a client who sells NFTs, they have to consider this as a potential risk. The risk has been in the back of people’s minds, but it has not been the same type of issue as creating a cryptocurrency.”

Subscribers to Law.com can read more about the possible forthcoming case in The National Law Journal here.