The U.S. SEC has officially closed its investigation into OpenSea, the largest Non-Fungible Token (NFT) marketplace. This comes after several recent events suggest a significant change in how the agency handles crypto rules. OpenSea Lawsuit End: New Era for Crypto Oversight? OpenSea has been under investigation since last year when it received a “Wells notice from the SEC. This is a formal warning that the regulatory agency might take legal action. The SEC believed some NFTs on OpenSea could be unregistered securities. This raised questions about how digital collectibles fit into existing laws. Meanwhile, the SEC decided to drop the case against OpenSea shortly after it announced plans to dismiss its lawsuit against Coinbase. These back-to-back decisions suggest the agency is easing its tough approach to crypto, which was what the former SEC Chairman Gary Gensler’s leadership was known for. Under new leadership, the SEC is changing its strategy. Acting Chairman Mark T. Uyeda has put Commissioner Hester Peirce, a strong supporter of fair crypto rules, in charge of a new unit called the Crypto Task Force. This task force’s role is to work on clearer regulations and communicate directly with crypto companies. OpenSea Victory and the Future of NFT Regulation For OpenSea, the SEC’s decision removes a big legal risk. CEO Devin Finzer criticized the investigation, saying it was unfair to artists and creators. Now that the case is closed, OpenSea can focus on its plans, including the launch of its SEA token airdrop, which will be available to U.S. users. The company hinted at the airdrop after recently introducing its new OS2 platform . Crypto airdrops have always been in a legal gray area. In September, members of Congress asked the SEC to clarify their rules, saying the uncertainty hurts U.S. investors. With the SEC changing its approach, future airdrops and NFT marketplaces may face fewer legal issues. SEC’s Changing Stance on Crypto Cases This is not the first time the SEC has stepped back from a crypto investigation. Last year, it looked into Paxos’ BUSD stablecoin, saying it might be a security, but later dropped the case. The SEC also ended its investigation into Ethereum’s switch to proof-of-stake. Now, with Peirce’s task force working with companies on issues like staking ETFs, the SEC seems more focused on crypto advancements. This marks a shift from its previous strict enforcement approach. The post SEC Ends OpenSea Suit In New Crypto Regulatory Shift appeared first on TheCoinrise.com .
