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The U.S. Securities and Exchange Commission (SEC) is officially backing off its investigation into NFT marketplace OpenSea — yet another example of the crypto industry benefitting from loose regulations under the Trump administration. OpenSea co-founder and CEO Devin Finzer shared the news late Friday. The announcement came on the heels of Coinbase’s announcement that the SEC was dropping its case against them. “The SEC is closing its investigation into [Opensea]. This is a win for everyone who is creating and building in our space,” Finzer declared on X. “Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation. Every creator, big or small, should be able to build freely without unnecessary barriers.” The SEC is closing its investigation into @opensea . This is a win for everyone who is creating and building in our space. Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation. Every creator, big or small,… Last August, Finzer revealed that OpenSea received a Wells notice warning of potential charges related to unregistered securities. OpenSea had vowed to fight back, and now, it seems the marketplace has come out on top. If all this sounds like a pattern, that’s because it is. President Donald Trump received millions in campaign contributions from the crypto industry heading into the 2024 elections, according to Bloomberg . Former SEC Chair Gary Gensler, a former Goldman Sachs banker turned regulatory bulldog, led the toughest crackdown the crypto industry has ever seen. Under his watch, the SEC came after everyone from industry titans like OpenSea, Coinbase and Ripple, the firm behind XRP. Ripple and the SEC have been in a legal spat since 2020. The regulator accused Ripple Labs of selling unregistered securities, but Judge Analisa Torres ruled that XRP was not a security when sold to exchanges but determined that its institutional sales violated securities laws. She ordered Ripple to pay $125 million, significantly lower than the SEC’s initial $2 billion demand. Both parties filed appeals , but the SEC may withdraw its case now that Trump nominated pro-crypto SEC commissioner Paul Atkins to be agency chair. Essentially, the crypto crackdown under Gensler is now slowing down and the agency is taking a more laissez-faire approach, exemplified by the Coinbase and OpenSea announcements. Meanwhile, OpenSea isn’t just celebrating its SEC victory—it’s also throwing a party in the form of a SEA token airdrop. The OpenSea Foundation announced Thursday that it will reward active, loyal, and longtime users of its NFT marketplace and Seaport protocol with free tokens. While details are still fuzzy on when the SEA token will actually launch, OpenSea traders are already rubbing their hands together at the thought of free digital loot. The company has also rolled out OS2, a new multi-chain trading platform.

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As of today, the SEC has agreed in principle to dismiss its enforcement case against Coinbase exchange. The decision is pending approval from the SEC’s commissioners, expected to take place next week. Initially, in June 2023, under the leadership of then-Chair Gary Gensler, the SEC filed a lawsuit against Coinbase, accusing it of operating as an unregistered securities exchange, broker, and clearing agency. The SEC claimed Coinbase facilitated trading in at least 13 crypto tokens considered securities without proper registration. Coinbase consistently refuted the SEC’s allegations, asserting that its business model had been transparent and previously reviewed by the SEC during its public listing process in April 2021. The company noted that no major changes have occurred in its operations to justify the legal action. Just recently, the SEC had also withdrawn its appeal concerning the application of broker-dealer regulations to decentralized finance (DeFi) platforms, effectively ending that legal dispute. Earlier in 2024, the SEC proposed expanding the definition of “dealer” to cover crypto liquidity providers and automated market makers with over $50 million in capital, which would have required them to register as dealers. Both of these decisions align with a broader shift in the US government’s approach to cryptocurrency regulation. Related: SEC’s Dealer Rule Struck Down: DeFi Exchanges Safe from Overreach Following the election of US President Donald Trump, there has been a noticeable move toward a more lenient and industry-friendly regulatory environment for digital assets. This change is exemplified by the establishment of a Crypto Task Force within the SEC, intending to provide clearer guidelines and reduce enforcement actions against crypto firms. Related: SEC Withdraws DeFi Appeal Under New Crypto-Friendly Leadership If the SEC commissioners officially approve the dismissal, it will mark a major win for Coinbase and could set a precedent for other crypto firms facing similar regulatory challenges. Following the announcement, Coinbase’s shares climbed over 4% in premarket trading, reflecting investor optimism about its regulatory outlook and future prospects. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

The U.S. Securities and Exchange Commission (SEC) has decided to drop its investigation into OpenSea, the largest NFT marketplace, opting not to take legal action. This decision is seen as a positive sign for the NFT industry. OpenSea founder Devin Finzer celebrated the report’s conclusion, calling it a win for creators and the Web3 community. The SEC’s probe into OpenSea began in August 2024 after the agency issued a Wells notice indicating its intent to take legal action. The main question was whether some non-fungible tokens (NFTs) traded on the platform should be classified as securities. Previously, the SEC had raised concerns about whether NFTs might be considered securities under securities laws. This was part of its ongoing efforts to regulate the cryptocurrency and digital asset industries. However, after a lengthy investigation, the SEC has chosen not to pursue legal action against OpenSea. Related: OpenSea Faces SEC Scrutiny Over NFT Classification Finzer the founder of OpenSea, announced the news to the public, confirming the investigation’s closure and sharing his satisfaction with the outcome. He described the decision as a positive step for the NFT space. He emphasized the importance of not classifying NFTs as securities, as he believes this could hinder innovation. Back in 2024, the initial Wells notice had suggested that NFTs on the platform could be subject to securities laws. This raised alarms within the industry, and many, including Finzer, argued that such a stance could harm innovation. The SEC’s decision to close the OpenSea investigation comes soon after the commission dismissed a lawsuit against the cryptocurrency exchange Coinbase. In the Coinbase case, the SEC had accused the platform of acting as an unregistered securities broker, but the SEC also dropped that case. Related: Ripple CEO Applauds SEC for Dropping Coinbase Lawsuit: Time for XRP to Shine? Even though Magic Eden is a competitor in the NFT marketplace, its Chief Business Officer, Chris Akhavan, supported OpenSea’s outcome. He mentioned the industry’s shared belief in NFTs’ potential and noted that the SEC’s decision would benefit the industry and positively impact future NFT development. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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