OpenSea Says SEC Will End Investigation Into Ethereum NFT Marketplace

"The SEC is closing its investigation into OpenSea. This is a win for everyone who is creating and building in our space," Finzer wrote on X. "Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation. Every creator, big or small, should be able to build freely without unnecessary barriers."

Bloomberg added that the SEC does not intend to recommend enforcement action against OpenSea.

"This outcome allows creators to continue shaping the future of digital ownership and innovation without unnecessary constraints," Finzer added in a statement shared by OpenSea.

When reached for comment, an SEC spokesperson told Decrypt: "The SEC does not comment on the existence or nonexistence of a possible investigation."

In August 2024, Finzer said that the firm had received a Wells notice from the SEC, signaling that the regulator would take action against the firm for the sale of unregistered securities. OpenSea had pledged to fight the expected charges, which echoed both threats and actions levied against numerous other crypto firms in recent years.

But then Donald Trump won the election, and his new-look SEC has already made a number of pro-crypto moves in the month since he was inaugurated to his second term.

Earlier Friday, Coinbase said that the SEC had agreed to drop charges against the prominent American crypto exchange, pending approval from SEC commissioners. Earlier in the week, the regulator voluntarily dismissed its own appeal of a case regarding crypto rulemaking.

OpenSea was the dominant Ethereum NFT marketplace during the 2021-2022 boom for digital collectibles and artwork, though it had been surpassed by rivals in recent years amid flagging demand for such assets.

A new OpenSea Foundation recently announced plans to launch a SEA token around the marketplace, with an airdrop expected to benefit NFT traders both old and new. No timeline has been set for the SEA token's launch. OpenSea has also launched an overhauled multi-chain platform called OS2, which includes support for trading fungible tokens, as well.

Editor's note: This story was updated after publication to include an additional statement from OpenSea's Devin Finzer, as well as a statement from the SEC.