TechFlow news, April 10 — According to Decrypt, NFT marketplace OpenSea sent a letter to the U.S. Securities and Exchange Commission (SEC) on April 9, requesting regulatory clarification that NFT marketplaces should not be considered securities exchanges or broker-dealers. OpenSea's legal team emphasized that the platform functions more like a "digital marketplace," enabling users to discover NFTs and connect with buyers and sellers, rather than executing transactions or acting as an intermediary. This request follows the SEC's decision in February to pause its investigation into OpenSea over alleged violations of federal securities laws. Meanwhile, data shows that in 2024, NFT market trading volume and sales volume dropped 19% and 18% respectively, reaching their lowest levels since 2020.
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