SEC Concludes Investigation Into OpenSea, CEO Declares Victory For NFT Sector

According to Odaily, OpenSea co-founder and CEO Devin Finzer announced that the U.S. Securities and Exchange Commission (SEC) has concluded its investigation into the NFT marketplace. Finzer described this as a significant victory for the entire sector, arguing that classifying NFTs as securities is a legal misunderstanding that could hinder innovation. Previously, in August 2024, the SEC issued a Wells notice to OpenSea, accusing it of operating as an unregistered securities trading platform. Despite being competitors, Magic Eden's Chief Business Officer Chris Akhavan also views this as a major win for the NFT industry, with both companies firmly believing in the potential of NFTs.