SEC dropped its case against OpenSea, calling off NFT securities claims. Crypto fam sees it as a huge win for Web3.
Big W for NFTs—SEC just dropped its case against OpenSea, meaning no charges for the massive NFT marketplace. OpenSea’s founder, Devin Finzer, called it a win for the entire space after revealing the news on Feb 21.
This comes right after the SEC also backed off from a lawsuit against Coinbase, where they accused the exchange of running as an unregistered securities broker. OpenSea got hit with a Wells Notice last year, meaning legal action was on the table, but now? SEC is walking away.
The NFT world is celebrating, with Magic Eden’s Chris Akhavan calling it a win for the industry. Even crypto figure Beanie said it brings much-needed regulatory clarity.
Meanwhile, OpenSea isn’t slowing down. The platform is dropping its new SEA token soon, though the exact date is still unclear. But not everyone’s happy—some users have been roasting OpenSea’s recent airdrop rewards, saying it encouraged wash trading and ignored creators.
The SEC staying hands-off on NFTs could mean a regulatory shift, but they haven’t officially explained why they dropped the case. Either way, Web3 just dodged a bullet.
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