Ripple CTO slams SEC for saying NFTs are securities, says US regulator is contradicting itself

Ripple Chief Technology Officer (CTO) Stuart Alderoty reacted to Securities & Exchange Commission’s (SEC) Wells Notice sent to OpenSea.

Ripple executive Stuart Alderoty criticized the Securities & Exchange Commission for Wells Notice sent to NFT platform OpenSea. Alderoty shared a 1976 letter where the regulator ruled that art galleries don’t need to register with the SEC. NFT coins are in a state of decline on Saturday, at a market capitalization of $25.13 billion. Ripple Chief Technology Officer Stuart Alderoty reacted to Securities & Exchange Commission’s Wells Notice sent to OpenSea.

In response to SEC’s recent Wells Notice to OpenSea, Alderoty dropped a letter by the regulator, from 1976, that states that art galleries selling to buyers that have investment motives, still don’t need to register with the agency. Fun fact: In 1976, the SEC ruled that art galleries, even when promoting and selling to buyers that had investment motives, didn’t need to register with the SEC. https://t.co/CtQJ3mlPkh pic.twitter.

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