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SEC Drops OpenSea Investigation Easing Pressure on NFT Market

The regulator’s decision comes after Coinbase said the SEC will vote on a deal to abandon its enforcement case against it. The U.S. Securities and Exchange Commission (SEC) is closing its investigation into major non-fungible token marketplace OpenSea, the platform’s founder and CEO Devin Finzer said on social media. The regulator issued a Wells notice against OpenSea in August 2024, indicating it was planning on pursuing an enforcement action against it. The regulator alleged the platform may have been operating as an unregistered securities marketplace. The SEC’s move comes as the regulator is slated to vote on a deal negotiated with Coinbase to drop its lawsuit against the exchange, which is seen as a boon for the cryptocurrency industry and NFT creators. “This is a win for everyone who is creating and building in our space. Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation,” Finzer posted. Reacting to Finzer’s post, Chris Akhavan, chief business officer of NFT marketplace Magic Eden, suggested it was a victory for the wider cryptocurrency space. “While we are competitors in the trenches, we share a deep belief in NFTs and what they will enable,” Akhavan wrote. The announcement led to an uptick in activity for the native token of NFT marketplace LooksRare. The token, LOOKS, saw a surge in active addresses shortly after the announcement that represents an “approximately fivefold increase compared to the usual figures,” according to data from TheTie. https://www.coindesk.com/markets/2025... #crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #litecoinleader ***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research. bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple