The U.S. Securities and Exchange Commission (SEC) has ended its investigation into the non-fungible token (NFT) marketplace OpenSea as part of the federal government’s shift away from crypto enforcement. OpenSea CEO Devin Finzer shared the news on social media platform X, stating that the SEC is closing its probe into the company.
“The SEC is closing its investigation into Opensea. This is a victory for those contributing to our industry. Attempting to categorize NFTs as securities would have hindered progress – a misunderstanding of the law that hampers innovation. Every creator, regardless of size, should have the freedom to innovate without unnecessary obstacles.”
Previously, Finzer had disclosed that OpenSea had received a Wells notice from the SEC regarding potential securities law violations. Despite this, Finzer expressed concerns about the broader impact on innovation if the SEC targeted NFTs, emphasizing the risks faced by countless online artists and creators without the means to defend themselves.
In a recent development, the SEC also dropped its lawsuit against Coinbase, the largest crypto exchange in the U.S. Coinbase CEO Brian Armstrong hailed this as a significant victory for upholding the rule of law.
The post Regulators Back Off From Crypto Industry As SEC Shuts Down Investigation Into NFT Marketplace OpenSea first appeared on The Daily Hodl.