Manatt Financial Services Partner Michael Katz was quoted in an article by Forbes about the Securities and Exchange Commission’s (SEC) Wells Notice against OpenSea and the shifting political climate in favor of digital assets.
According to the article, the SEC issued the Wells Notice stating its intent to bring enforcement action against OpenSea, a leading NFT marketplace. Many have considered the action to be controversial and grounded in the agency’s own regulatory agenda, raising concerns that this enforcement measure does not align with SEC’s statutory framework and policy goals intended to protect investors. “This Wells Notice lacks any connection to the SEC’s mandate and has no clear legal underpinning,” Katz said. “It feels more like a weak response to the inexorable shifting of the political dynamic in the industry’s favor.”
Read the full article here.