The SEC is closing its research into OpenSea, the SEC stated. This is a gain for everyone who is creating and building in our universe, Finzer wrote on X. It would have been a step backward to define NFTs as securities, which would have stifled creativity and misinterpret the legislation. Every inventor, big or small, should be able to build easily without needless barriers”.
added that the SEC does not want to propose repressing OpenSea’s enforcement actions.
reached up to OpenSea and the SEC for comment and additional information, but they did not immediately obtain a response.
Finzer claimed in August 2024 that the SEC had sent a Wells notice to the business, indicating that the company would be sued for the sale of unlicensed securities. OpenSea had pledged to combat the anticipated allegations, which echoed both risks and legal actions taken against several other crypto companies in recent years.
However, Donald Trump won the election, and since then, his new-look SEC has made a number of pro-crypto goes.
Earlier Friday, Coinbase said that the SEC had agreed to drop claims against the popular American crypto exchange, pending approval from SEC directors. The regulator freely dismissed its unique appeal of a case involving crypto rulemaking earlier this month.
Despite being overtaken by foes in recent years as a result of the decline in demand for digital collectibles and drawings, OpenSea remained the strong Ethereum NFT market during the boom for modern collectibles and drawings in 2021-2022.
A new OpenSea Foundation announced plans to introduce a SEA coin around the market, with an airstrike anticipated to gain both veteran and veteran NFT dealers. No timeline has been set for the SEA token’s release. Additionally, OpenSea has introduced an updated multi-chain program called OS2, which includes support for investing exchangeable tokens.
