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The SEC\u2019s latest enforcement action is targeting NFTs, and OpenSea is in the crosshairs. In this episode, crypto lawyer Preston Byrne joins to unpack the implications of the SEC's Wells Notice to OpenSea and what it might mean for the platform and the broader NFT market. Could Section 230 of the Communications Decency Act provide a unique defense for OpenSea? Preston also dives into other recent SEC moves, including cases against Stoner Cats, Impact Theory, and more.\xa0\nLastly, with the 2024 elections looming and political divides sharpening, is the SEC overreaching in its approach to crypto?\nShow highlights:\n\nWhy Preston believes that the SEC will go after OpenSea for being an unregistered securities exchange\n\nWhat the Stoner Cats case was about and why it was not a strong enforcement action, according to Preston\n\nWhy OpenSea's defense against the SEC may hinge on Section 230 protections for user-generated content, setting it apart from traditional exchanges like Coinbase or Binance\n\nHow the clear-cut promises made by Impact Theory about potential returns made their NFTs resemble securities, unlike the typical art-focused NFTs on OpenSea\n\nWhy Nate Chastain\u2019s NFT insider trading case is unlikely to impact the SEC\u2019s potential lawsuit against OpenSea\n\nWhether the $4 million settlement by Dapper Labs over NBA Top Shot NFTs likely represents little relevance to OpenSea's SEC issues\n\nWhat a Wells notice signals about the SEC's likelihood of suing OpenSea and why they might feel confident about winning this case\n\nHow Jonathan Mann and Brian Frye's lawsuit for clarity on NFTs as securities highlights the SEC's potentially overreaching stance in its possible case against OpenSea\n\nHow Trump's careful language around his NFT collection likely minimizes SEC risk by avoiding investment promises and focusing on their use as digital collectibles\n\nWhether the SEC's actions could reinforce the divide among crypto voters, with Trump promising a crypto-friendly stance and Harris likely continuing a more adversarial approach\n\nVisit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com\nThank you to our sponsors!\n\niTrustCapital\n\nPolkadot\n\nToken 2049\n\nMantle\u2019s FBTC\n\nGemini\n\nGuest\n\nPreston Byrne, Managing Partner at Byrne & Storm\nLinks\nWells notice\n\nOriginal announcement by X by OpenSea\u2019s CEO Devin Finzer\n\nUnchained: OpenSea's Wells Notice From the SEC Could Prove \u2018Disastrous\u2019\n\n\nRecent cases\n\nUnchained: Are NFTs Securities Offerings? Two Artists Sue the SEC to Find Out\n\n\nThe Defiant: NFTs Are Securities? All Eyes Turn to Top Shot Case\n\n\nReuters:\xa0\n\nUS regulator fines Stoner Cats creator for offering NFTs\n\nEx-OpenSea manager sentenced to 3 months in prison for NFT insider trading\n\nHester Peirce\u2019s dissent on the Stoner Cats case\n\nOthers\n\nPaper: The Economic Reality of NFT Securities.\n\nMondaq: Defining NFTs: Property, Securities, Or Commodities?\n\n\nNational Post: Trump\u2019s newest NFTs show him as superhero, boxer and motorcyclist\nTimestamps:\n\n00:00 - Introduction\n\n02:11 - SEC targets OpenSea: Unregistered exchange?\n\n03:58 - Stoner Cats case: Weak for SEC?\n\n07:42 - OpenSea's defense: Section 230 protections\n\n13:15 - Impact Theory's promises vs. OpenSea's NFTs\n\n15:34 - Nate Chastain's case\n\n17:15 - Dapper Labs settlement: Relevance to OpenSea\n\n18:56 - Wells notice: SEC's confidence to sue\n\n19:48 - Mann & Frye's lawsuit: SEC overreach?\n\n22:39 - Trump\u2019s NFT strategy: Minimizing SEC risk\n\n24:53 - What this Wells notice says about the presidential election\n\n58:25 - News Recap\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices