OpenSea has formally requested the U.S. Securities and Exchange Commission (SEC) not to classify NFT marketplaces as securities exchanges or brokers under federal law. In a letter to Commissioner Hester Peirce, OpenSea’s legal team argued that NFT platforms operate differently from traditional exchanges, lacking peer-to-peer trading of identical assets. They also emphasized the need for regulatory clarity to support U.S. tech innovation. The move follows the SEC’s recent closure of an investigation into OpenSea without legal action. CEO Devin Finzer welcomed the decision, stating that labeling NFTs as securities would have hindered the industry's growth.