As the U.S. federal government ends its crypto war, the Securities and Exchange Commission has ended its investigation into OpenSea’s non-fungible token (NFT).
The SEC has ended its investigation of OpenSea, according to a social media post by CEO Devin Finzer.
The SEC has closed its investigation of Opensea. It’s a big win for all those who are creating and developing in this space. It would be a mistake to try and classify NFTs under securities. This could have slowed innovation.
“Every creator should have the freedom to create without any unnecessary obstacles.”
Finzer revealed last year that OpenSea received a Wells Notice from the SEC, warning of possible violations to securities laws. The SEC issues a Wells Notice to warn a company that they intend to take legal action. It is not indicative of any wrongdoing.
Finzer commented at the time.
This is an uncharted move. The SEC’s targeting of NFTs would have a far-reaching impact on innovation. Hundreds of thousands of artists, creatives and online entrepreneurs are put at risk and most do not possess the necessary resources to protect themselves .”
Finzer offered $5 million to other NFT artists and startups who were being hounded by regulators.
The SEC dropped their lawsuit last week against Coinbase. It is the largest crypto exchange in America. Coinbase’s CEO Brian Armstrong called the SEC’s concession a “major victory for the rule-of-law”.
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The post Regulators Refrain From Crypto Industry as SEC Closes Investigation into NFT Market OpenSea could be updated to reflect new developments.
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