The dry ended his investigation into Opensea. The Commission has announced that it would not take legal action, saying that NFTs are titles.
The main NFT market has been informed that no application measure will be taken. This marks the second legal action that the SEC dropped against cryptographic platforms on Friday.
Dry no longer probsesea
The co-founder and CEO of Opensea, Devin Finzer, described the decision to win for the NFT and web3 community. He said that the second misinterpreted current laws on NFT, an error that could have slowed down progress in the sector.
“It is a victory for all those who create and build in our space. Trying to classify the NFT as titles would have been a step back – the one who misinterprets the law and slows innovation. Each creator, large or small, should be able to build freely without unnecessary barriers, ”wrote Finzer.
This result follows an opinion from Wells that Oversea received last August. The opinion indicated that the SEC was planning to initiate legal action, arguing that some or all NFTs negotiated on the platform could be securities.
Opensea has put aside $ 5 million to support NFT artists and developers who could face similar actions. However, this fund will no longer be required for this purpose.
Meanwhile, the DEC decision is a major relief for the NFT market, because Opensea is preparing to launch its token in 2025.
Since other competitors had already entered the start of the cryptography market, a regulatory survey could have still been damaging for Opensea.
More particularly, this is the second legal dismissal announced by the SEC today, February 21. Earlier in the morning, the Commission announced its intention to reject its trial against Coinbase.
The Crypto Exchange said that the SEC staff had in principle agreed to remove the case, pending the final approval of the commissioners.
Overall, the dry reduces the application of cryptography to a quick rate. However, its greatest legal action, the Ripple trial, remains active.
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