The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into the leading NFT platform OpenSea without filing any charges.
OpenSea’s CEO, Devin Finzer, confirmed the decision, calling it a significant milestone for all creators and developers in the NFT space. Back in August last year, the SEC issued OpenSea a Wells Notice, signaling potential violations of securities laws related to the sale of certain NFTs on the platform.
However, OpenSea maintained that NFTs are digital creative assets, such as art and collectibles, and do not fall under the definition of securities. The SEC’s decision to drop further action against OpenSea has been seen as a positive signal for the entire NFT industry, reinforcing the idea that digital collectibles are not necessarily subject to the same regulations as traditional financial instruments.
