OpenSea investigation ends as SEC signals new crypto approach in 2025

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Grafa2025/02/24 07:50

By:Mahathir Bayena

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into OpenSea, a leading NFT marketplace.

OpenSea's CEO, Devin Finzer, announced the SEC's decision on February 21, 2025, calling it "a win for everyone who is creating and building in our space."

The SEC's probe originated from a Wells Notice issued in August 2024, alleging OpenSea operated as an unregistered securities marketplace.

The decision to drop the investigation follows a similar move by the SEC to dismiss its lawsuit against Coinbase.

Finzer stated that classifying NFTs as securities would misinterpret the law and slow innovation.

Chris Akhavan, CBO of Magic Eden, echoed Finzer’s sentiment, viewing it as a win for the broader crypto space.

The SEC's actions suggest a potential shift in its regulatory approach to digital assets, ushering in a new U.S. regulatory scheme for digital assets.

Finzer offered $5 million for NFT artists facing legal persecution from regulators.

OpenSea came under scrutiny in August 2024 when it received a Wells Notice, a formal warning that legal action might be taken against the platform.

Democratic Representative Ritchie Torres questioned the SEC’s classification of NFTs as securities.

The new US SEC administration has displayed a contrasting disposition toward NFT classification, dropping the investigation as a result of this.

The announcement also spurred activity in the native token of NFT marketplace LooksRare.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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