The US Securities and Exchange Commission (SEC) closes its investigation into larger non-spurious Token Market Square OpenSea, said the platform’s founder and CEO Devin Finzer on social media.
The regulator issued a Wells message against OpenSea in August 2024, indicating that it was planning to pursue a enforcement measure against it. The regulator claimed that the platform may have served as an unregistered securities market.
SEC’s steps are coming as the regulator is intended to vote on an agreement negotiated with Coinbase to drop his lawsuit against the exchange, which is seen as a blessing for the cryptocurrency and NFT creators.
“This is a victory for everyone who creates and builds in our space. Attempts to classify NFTs as securities would have been a step behind – one that mistakenly interprets the law and brakes innovation, ”Finzer released.
Responding to Finzer’s post suggested Chris Akhavan, chief business officer for NFT Marketplace Magic Eden that it was a victory for the wider cryptocurrency room. “While we are competitors in the trenches, we share a deep belief in NFTs and what they want to activate,” Akhavan wrote.
The message led to a Uptick in activity for the native sign of NFT Marketplace Lookrare. The token, which looks, saw an increase in active addresses shortly after the message, representing an “about five times increase compared to the usual numbers,” according to data from Thetien.
