SEC Closes Investigation into OpenSea, Clearing NFT Marketplace
The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into OpenSea, a major NFT marketplace, as confirmed by CEO Devin Finzer on social media.
- In August 2024, the SEC issued a Wells notice to OpenSea, indicating potential enforcement action for operating as an unregistered securities marketplace.
- The SEC's decision coincides with a pending vote to drop its lawsuit against Coinbase, which is viewed positively for the cryptocurrency and NFT sectors.
- Finzer stated that classifying NFTs as securities would hinder innovation.
- Magic Eden's chief business officer, Chris Akhavan, called it a victory for the broader cryptocurrency community.
- The announcement resulted in increased activity for the LooksRare token, with active addresses surging approximately fivefold.