SEC Ends Investigation into OpenSea Without Any Legal Actions

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into OpenSea, the largest NFT marketplace, and will not pursue any legal action. OpenSea's CEO celebrated this decision as a positive development for the NFT sector. The SEC had previously indicated it might consider some NFTs as securities, but will not pursue this line of reasoning. OpenSea had reserved $5 million to support NFT creators potentially facing legal action, but these funds are no longer earmarked for this purpose. This is the second legal action the SEC has dropped against a crypto platform on the same day, having also signaled its intention to dismiss a lawsuit against the Coinbase exchange, pending final approval. While the SEC appears to be reducing its crypto enforcement actions, the ongoing lawsuit against Ripple remains active. OpenSea is planning to launch its own token in 2025.