Opensea, a leading nonfungible token (NFT) marketplace, disclosed the SEC’s decision months after receiving a Wells Notice in August 2024. The notice had signaled the regulator’s intent to sue, claiming Opensea’s NFTs were securities requiring registration—a charge the company vehemently disputed. At the time, CEO Devin Finzer criticized the SEC’s stance as an overreach that risked stifling innovation and harming artists reliant on NFT platforms.
The company pledged $5 million to support creators and developers facing similar regulatory scrutiny, arguing NFTs represent creative assets rather than investment contracts. “Every creator, big or small, should be able to innovate without fear,” Finzer said last year, vowing to contest the SEC’s allegations.
The closure of Opensea’s case follows a similar move by the SEC toward Coinbase, which announced earlier in the day that the regulator agreed to drop its lawsuit, pending commissioners’ approval. Both developments suggest a potential shift in the SEC’s approach under the Trump administration, though the agency has not publicly confirmed Opensea’s claims.
While Opensea stated the SEC informed it directly of the decision, the resolution may still require final approval from the commission’s five-member panel, as seen in the Coinbase case. The SEC has not commented on whether it formally voted to close the probe. The reported decision marks a reprieve for Opensea amid broader regulatory clashes between Biden’s old SEC and crypto firms.
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