Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
SEC ends OpenSea probe, weeks after NFT platform confirms SEA token airdrop: Bloomberg

SEC ends OpenSea probe, weeks after NFT platform confirms SEA token airdrop: Bloomberg

The BlockThe Block2025/02/20 16:00
By:By Daniel Kuhn

Quick Take OpenSea said the U.S. Securities and Exchange Commission has ended its investigation after receiving a Wells Notice last year. This follows Coinbase’s Friday morning announcement that the SEC has decided to drop its lawsuit against the exchange.

SEC ends OpenSea probe, weeks after NFT platform confirms SEA token airdrop: Bloomberg image 0

OpenSea said the U.S. Securities and Exchange Commission has ended its investigation of the NFT marketplace, according to Bloomberg . Earlier this month, the organization released a beta version of its OS2 platform and confirmed plans for a SEA token airdrop , which will be available to U.S. users.

The move comes shortly after the SEC decided to dismiss its case against Coinbase , which the exchange announced on Friday morning. The back-to-back announcements on Friday suggest the SEC may pull back from a number of its ongoing crypto-related investigations and lawsuits.

In August, OpenSea received a "Wells notice," a formal letter sent by the securities watchdog indicating that it is considering taking enforcement action against a firm and offering an opportunity to respond.

It now appears the agency — which acted aggressively in an attempt to reign in the crypto industry under former Chairman Gary Gensler — is now working to reset its stance towards crypto under a new, pro-crypto presidential administration. Acting Chairman Mark T. Uyeda has tasked fellow Republican Commissioner Hester Peirce, who was an often dissenting voice against SEC enforcement actions taken against crypto firms and protocols — with leading a "crypto task force" that will develop new industry guidelines. 

Peirce's task force has reportedly been engaging with a number of firms previously targeted by the SEC, and has also taken meetings with firms to discuss niche issues like approving "staking ETFs" to trade. Throughout Gensler's tenure, the agency sent Wells notices to a number of centralized and decentralized platforms including Robinhood and Uniswap , respectively.

Like many of the SEC's former policies, airdrops existed in a gray zone. In September, for instance, Chairman of the House Financial Services Committee Patrick McHenry (NC-10) and House Majority Whip Tom Emmer (MN-06) sent a letter to the SEC seeking clarity on the classification of crypto airdrops arguing, in part, the regulatory uncertainty harmed U.S. investors who were often cut off from distributions.

According to the announcement, the SEC confirmed that it doesn't recommend an enforcement action against OpenSea, which was told last year that the non-fungible tokens listed on the platform were unregistered securities. At the time, OpenSea CEO Devin Finzer called the action “a sweeping move against creators and artists” and that he was “ready to stand up and fight.”

This is not the first time the agency has dropped an investigation. Last year, for instance, it ended a probe of stablecoin issuer Paxos' dollar-backed BUSD stablecoin. Consensys, the Ethereum development studio, also said the SEC agreed to drop an investigation of "Ethereum 2.0," an outdated term for the network's switch to proof-of-stake. 


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!