Opensea要求SEC將NFT市場排除在法規之外

領先的無牙（NFT）市場Opensea已正式要求美國證券交易委員會（SEC）將NFT平台排除在法規之外

Non-fungible token (NFT) platform OpenSea has formally asked the Securities and Exchange Commission (SEC) to exclude NFT platforms from regulation under federal securities laws.

Opensea（NFT）平台的無牙代幣（NFT）平台已正式要求證券交易委員會（SEC）將NFT平台排除在聯邦證券法律下的法規之外。

In an April 9 letter to Commissioner Hester Peirce, who leads the SEC’s Crypto Task Force, OpenSea’s legal team argued that NFT marketplaces don’t fit the definition of exchanges or brokers.

Opensea的法律團隊在4月9日給領導SEC加密特遣部隊的專員Hester Peirce的信中辯稱，NFT市場不符合交流或經紀人的定義。

The request comes just months after the SEC dropped its investigation into OpenSea for alleged securities law violations. This decision was part of a broader policy shift under the Trump administration, which has taken a more crypto-friendly approach to regulation.

該請求是在SEC將涉嫌違反證券法的Opensea調查的幾個月後。這項決定是特朗普政府領導下的更廣泛政策轉變的一部分，該政府採取了更加加密友好的監管方法。

OpenSea’s general counsel Adele Faure and deputy general counsel Laura Brookover stated in their letter that NFT marketplaces don’t meet the legal definition of an exchange. They argued that platforms like OpenSea don’t execute transactions, act as intermediaries, or bring together multiple sellers for the same asset.

Opensea的總法律顧問Adele Faure和副總法律顧問Laura Brookover在信中指出，NFT市場不符合交易所的法律定義。他們認為，像Opensea這樣的平台不會執行交易，充當中介機構或將多個賣家匯總為同一資產。

“The Commission’s past enforcement agenda has created uncertainty. We therefore urge the Commission to remove this uncertainty and protect the ability of US technology companies to lead in this space,” the legal team wrote.

法律團隊寫道：“委員會過去的執法議程造成了不確定性。因此，我們敦促委員會消除這種不確定性並保護美國技術公司在這一領域領導的能力。”

Not Exchanges, Not Brokers

不交流，不是經紀人

OpenSea describes itself more as a “digital bazaar” than a trading floor. The platform allows users to discover NFTs and connect with buyers and sellers, rather than facilitating trades in the traditional sense.

Opensea將自己描述為“數字集市”，而不是交易樓。該平台允許用戶發現NFT並與買賣雙方聯繫，而不是從傳統意義上促進交易。

The legal team also pushed back against the broker designation. They argued that OpenSea doesn’t provide investment advice, execute transactions, or custody customer assets.

法律團隊還反對經紀人的名稱。他們認為Opensea不提供投資建議，執行交易或客戶資產。

“NFT marketplaces do not hold or facilitate the flow of funds or assets and thus cannot commingle them, making capital requirements and financial recordkeeping irrelevant,” Faure and Brookover explained in their letter.

Faure和Brookover在信中解釋說：“ NFT市場不會持有或促進資金或資產的流動，因此無法使其融合，使資本要求和財務記錄保持無關緊要。”

They further stated that OpenSea shouldn’t be regulated as a “Trading Facility” like the New York Stock Exchange because transaction execution is handled by smart contracts. The platform also doesn’t meet the Exchange Act’s “multiple sellers” requirement.

他們進一步指出，不應像紐約證券交易所那樣將Opensea視為“交易設施”，因為交易執行是由智能合約處理的。該平台還不符合《交易法》的“多個賣家”要求。

Seeking Regulatory Clarity

尋求監管清晰度

The request for clarification follows recent SEC actions on other crypto assets. On April 4, the SEC published a notice stating that stablecoins meeting specific criteria are considered “non-securities” and exempt from transaction reporting requirements.

澄清的請求是在SEC對其他加密資產的最新行動之後進行的。 SEC在4月4日發布了一份通知，指出符合特定標準的Stablecoins被視為“非安全性”，並免除了交易報告要求。

In February, the SEC’s division of corporation finance also issued a statement that memecoins are not securities under federal securities laws but are more akin to collectibles.

2月，美國證券交易委員會（SEC）的公司融資部還發表了一份聲明，即模因不是根據聯邦證券法律的證券，而是更類似於收藏品。

OpenSea is asking for similar clarity for NFT marketplaces.

Opensea要求對NFT市場有類似的清晰度。

“In preparing this guidance, the Crypto Task Force should specifically address the application of exchange regulations to marketplaces for non-fungible assets, similar to the recent staff statements on memecoins and stablecoins,” the legal team wrote.

法律團隊寫道：“在準備本指南時，加密貨幣工作隊應專門解決交換法規在不可殺死資產的市場上的應用，類似於最近關於Memecoins和Stablecoins的員工聲明。”

The company wants the SEC to issue informal guidance in the short term. For the longer term, they’ve invited the Commission to exempt NFT marketplaces like OpenSea from proposed broker regulation.

該公司希望SEC在短期內頒發非正式指導。從長遠來看，他們邀請委員會免除像Opensea這樣的NFT市場，不得經紀經紀法規。

NFT Market Challenges

NFT市場挑戰

The request comes at a challenging time for the NFT market. Despite Bitcoin’s record-breaking rally and growth in the DeFi sector, NFTs have remained in a slump over the past couple of years.

該要求在NFT市場充滿挑戰的時期。儘管比特幣的破紀錄集會和Defi行業增長，但在過去的幾年中，NFT仍處於低迷狀態。

In 2024, NFT trading volumes dropped by 19%, while sales counts fell by 18% compared to the previous year. This brought trading activity to its weakest levels since 2020.

在2024年，NFT交易量下降了19％，而銷售量比上一年下降了18％。這使貿易活動達到了2020年以來的最弱水平。

The broader regulatory environment for crypto has been shifting under the Trump administration. President Trump directed the SEC to clarify its position on crypto and established a “Crypto Task Force” to engage with the industry in drafting guidelines.

在特朗普政府的領導下，加密貨幣的更廣泛的監管環境一直在轉移。特朗普總統指示SEC澄清其在加密貨幣上的立場，並建立了一個“加密特遣部隊”，以與該行業合作起草指南。

This marked a departure from the approach under former SEC Chair Gary Gensler, who had taken a more aggressive stance toward crypto regulation. The agency had previously been criticized for “regulating by enforcement” rather than providing clear rules.

這標誌著前美國證券交易委員會主席加里·貢斯勒（Gary Gensler）領導下的方法，後者對加密法規採取了更為積極的立場。該機構此前因“通過執法進行監管”而不是提供明確的規則而受到批評。

Commissioner Peirce’s crypto task force has been meeting with various industry players as part of its work to develop clearer guidelines. As the regulatory landscape continues to evolve, OpenSea’s request represents an important push for clarity in how NFT marketplaces fit into the broader crypto regulatory framework.

專員皮爾斯（Peirce）的加密特遣部隊一直在與各種行業參與者會面，這是製定更清晰指導方針的工作的一部分。隨著監管格局的不斷發展，Opensea的要求代表了NFT市場如何適應更廣泛的加密監管框架的重要促進。