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⌐◪-◪ → Yesterday, OpenSea received a Wells notice from the SEC—a warning that often precedes enforcement action. The SEC's stance is that certain NFTs on OpenSea might be violating securities laws.

OpenSea’s CEO, Devin Finzer, responded by making it clear the company is ready to fight and emphasized how this could hurt creators and the broader crypto industry. OpenSea also pledged $5M to help NFT creators with potential legal fees.

Crypto Twitter had mixed reactions, with some supporting OpenSea and others criticizing it, saying it’s not decentralized enough and they don’t care about artists. Even David Hoffman from Bankless sided with the SEC, suggesting that Bored Apes are securities.

Frankly, I stopped supporting OpenSea years ago after they started unilaterally censoring artists and creators, like a Cuban artist I collect, and banning users for using privacy protocols like Tornado Cash.

While I’m personally not a big fan of OpenSea, I hope they win for the sake of artists, creators, and the entire crypto industry.

💬 HOW DO YOU THINK THIS PLAYS OUT?

⌐◪-◪ → Telegram CEO Pavel Durov was released from custody yesterday on a €5M bail, formally indicted with multiple charges, and placed under a travel ban—he cannot leave France.

Meanwhile, the leader of the French Patriots party, Florian Philippot, is encouraging Durov to flee the country, saying that “leaving France via the border is easy” — lol. I suppose €5M isn’t that much for Durov.

Even Andrew Tate chimed in, claiming Durov was just charged with violence against women in Switzerland, calling it the “same ol’ playbook,” a clear reference to his own legal struggles.

I love how many infamous figures have come to Durov’s defense. On one hand, it's pretty damning, but on the other, it’s validating. Speaking of which...

If you haven’t watched it yet, Tucker Carlson just posted a 2-hour interview with Mike Benz that covers the Pavel Durov case and whether the Biden administration was involved—a theory I entertained a few days ago in Specs.Chat. I haven’t watched the interview yet, but it’s top of my list.

💬 DO YOU THINK PAVEL DUROV WILL JUMP BAIL?

⌐◪-◪ → While Pavel’s getting railed in the slammer, TON’s getting railed on-chain after their second outage in under 24 hours.

The second outage lasted just over 4 hours, compared to the initial 6+ hour outage—both were attributed to network congestion from $DOGS token minting. Fucking dog coins.

Surprisingly, TON is only down 15% over the last 7 days; maybe Durov’s release helped boost sentiment.

While having two back-to-back outages is certainly concerning, I think TON still has a chance given its ties to Telegram. After all, Solana had plenty of outages and now has the highest chance of being the next spot ETF on Wall Street.

💬 SHOULD I DROP $10K AND BUY THE TON DIP?

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