OpenSea founder Devin Finzer confirmed the conclusion of the SEC’s investigation into the NFT marketplace, highlighting the significance of this event for the industry.
Conclusion of SEC Investigation
The United States Securities and Exchange Commission has concluded its investigation into the NFT marketplace OpenSea. OpenSea founder and CEO Devin Finzer announced this in February 2021, noting that this is a significant event for all involved in creating and building in the NFT space.
Devin Finzer’s Commentary
Finzer stated that labeling NFTs as securities could have harmed the industry and stifled innovation. He emphasized the importance of creators being able to build freely, regardless of their size.
Market Reaction to SEC Actions
In August 2024, the SEC issued a Wells notice to OpenSea, claiming it had functioned as a marketplace for unregistered securities. This development followed shortly after the SEC dropped its case against cryptocurrency exchange Coinbase, which had been accused of operating as an unregistered securities broker.
The SEC’s investigation into OpenSea has concluded, which is seen as a positive sign for the NFT industry. Market participants are preparing for changes in regulation.
