SEC Closes Investigation into OpenSea, a Win for the Crypto Industry

The U.S. Securities and Exchange Commission (SEC) has officially dropped its investigation into NFT marketplace OpenSea, marking another instance of the crypto industry benefiting from a more relaxed regulatory environment. OpenSea co-founder and CEO Devin Finzer announced the news, stating that the SEC’s decision is a victory for creators and builders in the space.

Finzer expressed his relief, saying, “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.”

Background of the Investigation

Last August, Finzer revealed that OpenSea had received a Wells notice warning of potential charges related to unregistered securities. The company had vowed to fight back, and now, it seems the marketplace has come out on top.

The Shift in SEC’s Regulatory Approach

The SEC’s decision to drop the investigation into OpenSea follows a similar pattern seen in the case of Coinbase. This shift in approach is attributed to the change in leadership, with President Donald Trump nominating pro-crypto SEC commissioner Paul Atkins to be agency chair.

Under former SEC Chair Gary Gensler, the regulator had taken a tough stance on the crypto industry, coming after industry titans like OpenSea, Coinbase, and Ripple. However, with the new leadership, the agency is taking a more laissez-faire approach, as seen in the recent announcements.

OpenSea’s SEA Token Airdrop

OpenSea is celebrating its SEC victory by announcing a SEA token airdrop for active, loyal, and longtime users of its NFT marketplace and Seaport protocol. While details are still fuzzy on when the SEA token will actually launch, OpenSea traders are already excited at the thought of free digital loot.

The company has also rolled out OS2, a new multi-chain trading platform. This move is expected to further boost the growth of the NFT market.

For more news on the crypto industry, including cryptocurrency prices, NFT market trends, and regulatory updates, visit Global Crypto News.

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