The Securities and Exchange Commission (SEC) has concluded its investigation into the major inappropriate token marketplace Opensea, according to Devin Finzer, founder and CEO of the platform.
The regulatory agency indicates it plans to issue a Wells Notice to Opensea in August 2024, pursuing enforcement action. Regulators argued that the platform could be acting as an unregistered securities market.
The SEC move is expected to vote for a transaction negotiated with Coinbase to drop lawsuits against the cryptocurrency industry and exchanges that are deemed a boon for the NFT creators.
“This is a victory for everyone who creates and builds our space. Trying to classify NFTs as securities was a step backward as misinterpreting the law and slowing down innovation. “Sho,” Finzer posted.
In response to Finzer’s post, Chris Akhavan, chief business officer of NFT Marketplace Magic Eden, suggested it was a victory for the wider crypto space. “We are a competitor of trench, but we share a deep belief in NFTs and their effectiveness,” writes Akhavan.
The announcement led to an increase in NFT Marketplace’s Native Token activity. The token saw a surge in active addresses shortly after the announcement, which, according to Thetie data, represents a “approximately five times more than normal numbers.”