February 26, 2025
Hindering Innovation
OpenSea CEO Devin Finzer praised the outcome, criticizing the SEC’s attempt to regulate NFTs under traditional laws. He argued that classifying NFTs as securities would have hindered innovation. “Creators should be free to build without unnecessary barriers,” he said.
Coinbase Lawsuit Also Dropped
In August, OpenSea received a Wells notice from the SEC, signaling potential legal action. The platform set aside $5 million to support artists facing similar scrutiny, but with the case now closed, the fund is no longer needed.
This is the second case the SEC dropped against a crypto company on February 21st. Earlier, the agency also announced plans to dismiss its lawsuit against Coinbase.
