Bloomberg: 'SEC Concludes OpenSea Investigation - No Enforcement Action to Follow'
Summary
- U.S. SEC concluded its investigation into OpenSea, removing market uncertainty.
- OpenSea secured stability regarding the legal status of NFTs following the conclusion of SEC's investigation.
- OpenSea's market share significantly increased following the announcement of its native token.
The U.S. Securities and Exchange Commission (SEC) has reportedly concluded its investigation into NFT marketplace OpenSea.
According to Bloomberg on the 21st (local time), OpenSea announced that "the SEC has informed us that they have concluded their investigation and do not intend to recommend any enforcement action."
OpenSea CEO Devin Finzer also stated through his X account that "the SEC's attempt to classify NFTs as securities was an action that slowed innovation."
Previously, the SEC had issued a Wells Notice (preliminary explanation request notice) to OpenSea, suggesting that NFTs could be considered securities.
Meanwhile, OpenSea, which announced its native token 'SEA' on the 13th, has significantly increased its NFT market share from around 20% to 70%. This is attributed to investors increasing their use of OpenSea in anticipation of the token airdrop.
Doohyun Hwang
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