OpenSea
NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен Marketplace Hit
With Class Action Suit Over Alleged Securities
Sales
OpenSea NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен Marketplace Hit With Class Action Suit Over Alleged Securities
Sales
The law firm targeting OpenSea has brought a series of cases against crypto
companies, such as FTX and Binance.
By André Beganski
Sep 20, 2024 Sep 20, 2024
3 min read
OpenSea is an NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен marketplace. Image: Shutterstock
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The Moskowitz Law Firm filed another class-action lawsuit against a crypto
firm Thursday, this time alleging that OpenSea’s customers were sold NFTs as
unregistered securities.
The lawsuit brought in a Florida federal court claims that two residents of
the Sunshine State sustained damages as a result purchasing NFTs on the
platform, which served as a go-to place to purchase digital art and
collectibles when the NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен market ran red-hot in 2021 and 2022.
“We have learned a great deal in our extensive crypto litigation,” Moskowitz
Law Firm Managing Partner Adam Moskowitz told Decrypt in a statement. “With
today's ever-changing regulation, there should be a process to sell NFTs
in a well-regulated environment.”
The Miami-based law firm is currently litigating against a wide range of
crypto firms and their associates, including FTX and 11 celebrities who
endorsed the collapsed crypto exchange. It has also sued basketball legend
Shaquille O’Neal over his Solana-based NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен project Astrals, and soccer star
Cristiano Ronaldo over his promotion of the crypto exchange Binance.
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The latest lawsuit alleges that OpenSea engaged in a scheme “to mislead and
deceive investors” while unjustly enriching itself by charging fees on NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен
transactions. The Florida residents believed that NFTs traded on OpenSea were
registered securities due to OpenSea’s representations, a copy of the case’s
complaint shared with Decrypt states.
While the lawsuit does not list damages resulting from NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен purchases, it
asserts that NFTs fall under the definition of a security as investment
contracts . In various enforcement actions, the SEC itself has asserted
similar claims, stating that NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен purchasers invested money in a common
enterprise with the expectation of profit derived from the efforts of others.
Moskowitz’s lawsuit follows OpenSea’s disclosure of receiving a Wells notice
in August, signaling that the Securities and Exchange Commission (SEC) is
likely to sue the marketplace. On Twitter (aka X), OpenSea CEO Devin Finzer
described the prospect of an enforcement action against OpenSea as a step into
uncharted territory that puts artists at risk.
“The SEC [is] threatening to sue us because they believe NFTs on our platform
are securities,” Finzer, a resident of Miami, said. “We should not regulate
digital art in the same way we regulate collateralized debt obligations.”
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As Finzer pointed out, NFTs can represent ownership in many things, including
domain names, trading cards, and event tickets. Earlier this week, SEC
Commissioners Hester Peirce and Mark Uyeda described the regulator’s approach
to NFTs as “misguided and overreaching.”
Though the commissioners accused the SEC of an overzealous application of
securities laws while targeting an NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен-gated restaurant chain , Moskowitz’s
lawsuit argues that “the SEC’s stance on cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта has always been
consistent.”
Last month, the law firm notched a partial win in its case against O’Neal,
when a Florida judge ruled that the case could proceed on some accusations .
In Thursday’s complaint, Moskowitz pointed to OpenSea as a platform where NFTs
from O’Neal’s Astrals project were available.
OpenSea did not immediately respond to a request for comment from Decrypt .
Edited by Andrew Hayward
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