The U.S. Securities and Change Fee (SEC) is closing its investigation into main non-fungible token market OpenSea, the platform’s founder and CEO Devin Finzer mentioned on social media.
The regulator issued a Wells discover towards OpenSea in August 2024, indicating it was planning on pursuing an enforcement motion towards it. The regulator alleged the platform might have been working as an unregistered securities market.
The SEC’s transfer comes because the regulator is slated to vote on a deal negotiated with Coinbase to drop its lawsuit towards the alternate, which is seen as a boon for the cryptocurrency business and NFT creators.
“This is a win for everyone who is creating and building in our space. Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation,” Finzer posted.
Reacting to Finzer’s put up, Chris Akhavan, chief enterprise officer of NFT market Magic Eden, steered it was a victory for the broader cryptocurrency house. “While we are competitors in the trenches, we share a deep belief in NFTs and what they will enable,” Akhavan wrote.
The announcement led to an uptick in exercise for the native token of NFT market LooksRare. The token, LOOKS, noticed a surge in energetic addresses shortly after the announcement that represents an “approximately fivefold increase compared to the usual figures,” in accordance with information from TheTie.
