The U.S. Securities and Exchange Commission (SEC) continues its crackdown on the cryptocurrency industry. The SEC has served the NFT marketplace, OpenSea, a Wells Notice, the final step before formal charges are filed. Meanwhile, ETFSwap (ETFS) leverages its hybrid status to bring crypto-based assets to an institutional audience.
OpenSea Under SEC Scrutiny, Vows To Stand Up To The Agency’s Oppressive Move
In its drive to bring the crypto industry under its submission, the SEC has set its sights on the NFT marketplace, OpenSea. OpenSea CEO Devin Finzer announced in an X (Formerly Twitter) post that the firm received a Wells Notice from the SEC threatening legal action against it because the SEC viewed the NFTs traded on OpenSea as securities.
A Wells Notice is one of the final steps before the SEC files a formal charge against an entity, allowing the potential accused to dispute the charges against it. Several other crypto firms have received a Wells notice, settled, or been charged by the SEC in 2024 as part of its ongoing efforts to crack down on the crypto industry.
Finzer decried the SEC’s oppressive move in his post, interpreting it as an attempt to stifle innovation and creativity. He tried to clarify the proper classification NFTs should have, calling them creative goods and digital art that should not be lumped in with other financial instruments.
The OpenSea CEO also cited the excellent results OpenSea’s NFT trading marketplace had achieved since its inception, including providing full-time jobs for student artists, saving indie game devs the stress of creating marketplaces for their in-game items, and uniting NFT creators and traders worldwide.
Finally, the OpenSea CEO vowed to resist oppression and pledged $5 million to help cover the legal fees of individual NFT creators and devs who receive a Wells notice.
ETFSwap (ETFS) Tows A Middle Line By Merging DeFi With Traditional Finance
Amid the cryptocurrency regulatory landscape in the US, ETFSwap (ETFS) brings a means for the crypto community to invest free from the prying eyes of centralized authorities and other regulatory authorities. ETFSwap’s (ETFS) DeFi infrastructure enables traders and investors on the platform to enjoy true borderless and permissionless trading.
ETFSwap (ETFS) collaborates with MiCa-compliant investment banks to offer users an exhaustive list of hybrid institutional assets. Traders and investors will swap their tokens with digital representations of these assets as tokenized ETFs. Thus, they can hedge against losses by diversifying their portfolios to include more stable assets.
Recognizing the need for continued innovation in DeFi, ETFSwap (ETFS) is championing the crypto revolution so more platforms and firms can freely create within the community. ETFSwap (ETFS) invites traders and investors to test its platform at the release of its public beta in a few weeks. The project also plans to launch its ETF in 2025, giving investors and traders more options they trust.
ETFSwap (ETFS) also affords traders and investors more flexibility and better risk management than centralized ETFs. The DeFi-modeled platform allows 24/7 market coverage and access so traders never miss an opportunity and can promptly open and close positions at any time in response to market changes.
The ETFSwap (ETFS) platform was audited by Cyberscope, a security auditing firm, to check for significant security loopholes. None was found. Additionally, the project’s team completed KYC verification from SolidProof, a smart contract security auditing firm, prominently displaying its contract address on its website.
Invest In The Future Of DeFi
ETFSwap (ETFS) is holding a presale for its native token which has been touted as the future of DeFi. The token sells for $0.01831, with over 123 million tokens sold so far. Analysts believe the token will reach $1.84 (an increase of over 10,000%) before 2024 ends. Interested investors can use the ongoing 50% bonus promo to buy more tokens in preparation for massive profits.
For more information about the ETFS Presale:
