‘Sucker’s rally’ is already over while OpenSea refuses to be classified as a crypto platform

A ‘sucker’s rally’ is a short-term stock market recovery after days of declines. We saw it take place on Wednesday evening in the US and on Thursday during the day in Europe. Bitcoin rose to $81,000 and took the rest of the crypto market with it. That ‘sucker’s rally’ seems to be over already.

Fortunately, there is also other crypto news to be found. For example, OpenSea, the largest NFT platform in the world, is asking the US stock exchange authorities not to view their company as a crypto trading platform, but as a kind of art auction house. And that just at the moment that they are considering an airdrop of their own crypto coin. Strange but true.

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Ever since its inception, the OpenSea platform has become the leading sales platform for the NFT sector. But in recent months, they have been concerned that the US Securities and Exchange Commission (SEC) is considering classifying them as sellers of financial securities.

Given that they are working on an airdrop of their own OpenSea cryptocurrency, something that NFT fans have been waiting for for years, this is not a surprise, but still.

OpenSea has therefore published their petition to Hester Pierce, the SEC’s crypto commissioner. They argue that dedicated NFT marketplaces should not be subject to the same regulations as traditional crypto exchanges.

After all, non-fungible tokens are unique and non-interchangeable assets, OpenSea states. Therefore, the platforms on which they are hosted should not be considered brokers. Especially since they do not provide investment advice, execute transactions or manage client assets. We’ll soon see how Hester reacts.