Key dealers
- SEC ends its investigation of Opensea without submitting securities fees.
- Opensea had prepared a legal fund of $ 5 million for potential Sec measures against NFT artists and developers.
The US SEC collects its investigation of Opensea, the leading market for NFTs, and will not continue any enforcement measure that claims that NFTs are securities.
According to a Friday Report From Bloomberg, Opensea received words from Sec that the investigation is complete and no enforcement measures will be taken.
Opensea’s co-founder and CEO Devin Finzer sees SEC’s decision to close the investigation is a profit for the NFT and Web3 community. Finzer believes that the agency’s first attitude towards NFT was an incorrect interpretation of existing laws and would prevent innovation in space.
“This is a profit for everyone who creates and builds in our space. Trying to classify NFT as securities would have been a step back – one that misunderstands the law and brakes innovation, ”Finzer wrote on X. “every creator, large or small, should be able to build freely without unnecessary obstacles.”
The great development comes after Opensea Got a well announcement from SEC in August last year, indicating the controller’s intention to strive for legal action.
A well announcement is a formal announcement that SEC is planning to continue legal action. It gives the recipient an opportunity to answer and present arguments against the imminent mood before Sec makes a final decision.
The Wells message suggested that SEC believed that some or all NFTs traded on the platform was securities, a position that has been in line with the agency’s broader efforts to regulate crypto markets over the past three years.
In preparation for potential legal challenges, Opensea had allocated $ 5 million to a legal fund designed to support NFT artists and developers that can receive similar messages from SEC.
Sec’s position on classifying NFTs as securities has met resistance from the Krypto community, with critics claiming that such classification can hinder innovation in the market for digital art and collector objects.
SEC also loses a mood against Coinbase. Earlier today, Coinbase said that the SEC staff agreed in principle to reject their mood against the exchange and are waiting for final approval from the commissioners.
The termination, if completed, will be with prejudice, which prevents the SEC from applying for similar fees and can affect the results of related cases against other cryptout exchanges.
