The US Securities and Exchange Commission (SEC) has officially concluded its investigation into the non-fungible token (NFT) marketplace OpenSea, as announced by the company’s founder, Devin Finzer. In a February 21 post on X, Finzer hailed the decision as a major triumph for the NFT community.
“The SEC is closing its investigation into OpenSea. This is a win for everyone who is creating and building in our space,” Finzer stated.
This announcement came shortly after the SEC dismissed its lawsuit against the crypto exchange Coinbase, which was accused of operating as an unregistered securities broker.
Finzer highlighted that classifying NFTs as securities could have significantly impeded innovation within the digital art and collectibles sector.
The SEC’s investigation into OpenSea began in August 2024 with a Wells notice, suggesting the platform was functioning as an unregistered securities marketplace. The closure of the case has received widespread approval from the crypto and NFT industries.
