OpenSea CEO Devin Finzer wrote in a post that the company was "shocked the SEC would make such a sweeping move against creators and artists" but that they are "ready to stand up and fight."
Finzer calls it a "move into uncharted territory."
"By targeting NFTs, the SEC would stifle innovation on an even broader scale: hundreds of thousands of online artists and creatives are at risk, and many do not have the resources to defend themselves," he added, noting that the company has pledged $5 million to cover legal fees for NFT creators and developers who receive a Wells notice.