The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into the NFT market platform OpenSea. Devin Finzer, the founder and CEO of OpenSea, announced this news on social media. In August 2024, SEC had issued a Wells notice to OpenSea indicating its intention to take legal action against the platform. SEC alleged that OpenSea may have operated as an unregistered securities market. The conclusion of the investigation on OpenSea coincides with SEC’s decision to vote on settling a complaint against the exchange Coinbase. This event is considered a significant victory for the digital currency sector and NFT creators. Finzer stated, ‘This is a victory for everyone innovating in our space. Trying to classify NFTs as securities was a step backward that hindered innovation.’ Chris Ahn, Senior Business Manager at the NFT marketplace Magic Eden, also sees this decision as a win for the broader digital currency sector, saying, ‘Despite our competition, we believe in NFTs and their potential.’ The announcement has led to increased activity in the native token market of the platform LooksRare. The token LOOKS has experienced remarkable growth in active addresses, almost five times more than usual. You can track the prices of all tokens and cryptocurrencies live on the real-time digital currency price page.
