The SEC's regulatory wind has recently blown from the exchange to the NFT market, and the SEC has begun investigating some NFT sales that may be defined as securities. Regarding the investigation of OpenSea, Jack Lu, CEO of Magic Eden, another NFT trading platform, expressed shock in an interview, but he also said that if this action can bring a clearer framework for supervision, then he is optimistic about its success.
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ToggleThe creators and trading platforms are all at fault! Magic Eden will differentiate itself from the US market
Although the SEC has investigated NFTs suspected of involving securities as early as 2022, this enforcement action has revealed a new regulatory direction: the SEC has begun to examine NFT trading platforms, not just those NFT creators.
Earlier, OpenSea also joined hands with a16z and the Coinbase-backed advocacy organization Stand with Crypto to provide 6 million mg to defend creators. It can be said that the platform believes that the industry is about to start a long-term battle with the SEC.
( Coinbase Initiative defends NFT startups! a16z丶OpenSea pledges capital injection )
As the top NFT trading market today, Magic Eden CEO Jack Lu said in an interview that he was shocked by the investigation of OpenSea. He said: "It all happened very suddenly." He also said that Magic Eden has not yet received any response from the SEC. notify. However, Magic Eden's recent split of the platform into dual versions of the United States and the international market is also seen as the platform preparing for possible regulatory risks.
( Preparing for SEC subpoena? Magic Eden splits international and US dual platforms )
In response to the SEC investigation into OpenSea, Magic Eden CEO: Happy to see regulatory clarity
Magic Eden has not yet become the focus of the SEC, but Jack Lu acknowledged that the lawsuit against OpenSea may have a broad impact on the cryptocurrency field. Compared with exchanges or cryptocurrency issuers, the NFT field is relatively untouched by regulators. However, he also said: "If this matter makes industry compliance more clear, I would like to see it happen."
However, Jack Lu also said that no matter what happens to OpenSea, Magic Eden's business will always cooperate with the regulatory agencies to ensure that everything is running in the direction that the regulatory agencies want. "Our general principle is that we want to be a good player and really be compliant in the ecosystem," he said.
When asked whether Magic Eden was prepared to remove NFTs that the SEC might label as securities from the platform, Jack Lu objected. "A lot depends on the nuances of the case and the actual circumstances," he said, adding: "It doesn't make much sense to apply hypothetical things to future situations."
However, after Magic Eden launched the Magic Eden Wallet, they also launched the ME token and said that the token would provide power for cross-chains. Perhaps we can also observe in the future whether Magic Eden's business will gradually shift to cross-chain related ones.
( Magic Eden Wallet will issue ME currency, will Diamonds finally be cashable? )
