The approach to applying the Securities and Exchange commission (SEC) on cryptographic companies has left a sustainable “regulatory overhang” within the industry, according to Devin Finzer, co-founder and CEO of Opensea.
Addressing Cointelegraph, Finzer said that during the Biden administration, the agency unfairly targeted the right actors in cryptographic space, including Opensea. “There are all kinds of digital active ingredients, you know, you should not treat them all the same. It is obvious. But I think the approach that the dry has adopted was somehow, you know, very, very generic.”
The SEC has issued an opinion from Wells – an official notification which is often a pioneer in the action in application – of Opensea in 2024, alleging that the NFT market operated as an exchange of unregistered securities. At the time, Finzer criticized the dry for adopting an approach to “application regulation” and said that Opensea was ready to “get up and fight”.
https://www.youtube.com/watch?v=CPBGT_DTMVY
With the dry under the new management of President Paul Atkins, Finzer hopes for a more balanced regulatory framework. “Good regulation of cryptography must balance, in a way, protect consumers but also preserve the ability to innovate,” said Finzer. “It’s not just a unique problem, right?”
Under the Trump administration, the SEC has reduced the measures to apply the law on several crypto companies, marking a change in policy in the United States after years of application measures carried out by former president Gary Gensler.
For example, the agency has withdrawn legal challenges against Coinbase and Kraken exchanges, NFT Yuga Labs and Opensea companies, and the UNISWAP decentralized finance protocol – most of them opened during the mandate of peopleler. The SEC even rejected her business for several years against Ripple.
During the United States electoral cycle in 2024, the cryptographic industry largely supported the candidate of the time Donald Trump, who promised to make the United States “the cryptographic capital of the planet”. Overall, Crypto Super Political Action, or PACS, gave more than $ 119 million in the chests of Pro-Crypto candidates, helping to shape the elections.
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The repression of the dry against cryptographic companies had weighed on the slowdown in markets after the collapse of the FTX in November 2022, moving away investors from cryptographic products such as non -fascinating tokens
Since then, NFT’s trading volume has dropped from its 2021 peak, affecting protocols and platforms such as Opensea. In 2023, the company dismissed 50% of its staff in the midst of market disorders.
Finzer says that the NFT space is always flourishing, with innovation and new applications that come to life – especially in the game industry and art collects. Despite this, Opensea began to explore other areas, seeking to diversify his business to become a destination for all onchain’s exchanges beyond NFT.
“I mean, for the first time in the history of the Internet, people have the opportunity to have digital stuff, well, in a real way,” said Finzer. “”[…] You can move them between different applications and take them with you wherever you go on the internet. And it’s something that is really powerful. “”
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