The United States Securities and Exchange Commission (SEC) has officially ended its probe into NFT marketplace OpenSea, marking a significant win for the digital collectibles industry.
“The SEC is closing its investigation into OpenSea. This is a win for everyone who is creating and building in our space,” OpenSea founder Devin Finzer announced on Feb. 21.
Impact on the NFT Market
The decision comes shortly after the SEC dropped its lawsuit against Coinbase. The investigation, which began in August 2024, alleged OpenSea operated as an unregistered securities marketplace.
Industry leaders have welcomed the news, with Magic Eden’s Chris Akhavan calling it a win for the broader NFT sector. Pseudonymous crypto commentator Beanie suggested it could serve as a catalyst for the next NFT bull market.
Meanwhile, OpenSea is preparing to launch its SEA token, with details yet to be finalized. However, the marketplace recently faced criticism over its airdrop reward system, prompting a temporary pause amid user concerns.
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