SEC Ends OpenSea Investigation

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The SEC has officially concluded its investigation into OpenSea, opting not to take legal action or classify NFTs as securities.

This decision brings relief to the NFT marketplace and marks the second case the regulator has abandoned against a crypto platform on the same day.

OpenSea CEO Devin Finzer celebrated the decision as a triumph for the NFT and Web3 industries, arguing that incorrectly labeling NFTs as securities would have stifled innovation. He stressed that creators should have the freedom to build without facing unnecessary regulatory barriers.

The investigation gained momentum last August when OpenSea received a Wells Notice, indicating potential enforcement action.

In preparation, the platform set aside $5 million to support NFT artists and developers under similar scrutiny. With the case now resolved, those funds are no longer needed for legal defense.