The SEC is ending its investigation into NFT market OpenSea, co-founder and CEO Devin Finzer stated late Friday, following Coinbase's announcement earlier within the day that the SEC intends to drop expenses towards the crypto change.
"The SEC is closing its investigation into OpenSea. This is a win for everyone who is creating and building in our space," Finzer wrote 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."
Bloomberg added that the SEC doesn’t intend to advocate enforcement motion towards OpenSea.
The SEC is closing its investigation into @opensea. It is a win for everybody who’s creating and constructing in our house. Making an attempt to categorise NFTs as securities would have been a step backward—one which misinterprets the legislation and slows innovation.
Each creator, large or small,…
— dfinzer.eth | opensea (@dfinzer) February 21, 2025
"This outcome allows creators to continue shaping the future of digital ownership and innovation without unnecessary constraints," Finzer added in a press release shared by OpenSea.
When reached for remark, an SEC spokesperson advised Decrypt: "The SEC does not comment on the existence or nonexistence of a possible investigation."
In August 2024, Finzer stated that the agency had acquired a Wells discover from the SEC, signaling that the regulator would take motion towards the agency for the sale of unregistered securities. OpenSea had pledged to combat the anticipated expenses, which echoed each threats and actions levied towards quite a few different crypto companies in recent times.
However then Donald Trump received the election, and his new-look SEC has already made a lot of pro-crypto strikes within the month since he was inaugurated to his second time period.
Earlier Friday, Coinbase stated that the SEC had agreed to drop expenses towards the outstanding American crypto change, pending approval from SEC commissioners. Earlier within the week, the regulator voluntarily dismissed its personal enchantment of a case concerning crypto rulemaking.
OpenSea was the dominant Ethereum NFT market in the course of the 2021-2022 increase for digital collectibles and art work, although it had been surpassed by rivals in recent times amid flagging demand for such property.
A brand new OpenSea Basis not too long ago introduced plans to launch a SEA token across the market, with an airdrop anticipated to profit NFT merchants each outdated and new. No timeline has been set for the SEA token's launch. OpenSea has additionally launched an overhauled multi-chain platform referred to as OS2, which incorporates assist for buying and selling fungible tokens, as nicely.
Editor's word: This story was up to date after publication to incorporate an extra assertion from OpenSea's Devin Finzer, in addition to a press release from the SEC.
