"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.

SEC's Coinbase Reversal Is Only the Latest Pro-Crypto Shift Under Trump

The Securities and Exchange Commission has agreed to drop its legal case against Coinbase, the exchange said Friday, pending approval by the regulator's commissioners. But it's just one of several actions the agency has taken since the inauguration of President Donald Trump to deepen its crypto-friendly tone shift.  Coinbase CEO Brian Armstrong said Friday that the SEC had agreed to end its lawsuit against the trading platform. The regulator will not fine the largest U.S. crypto exchange by dail...

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.

 NFT Revolution

OpenSea Foundation Token Airdrop Revealed for NFT Traders as Ethereum Marketplace Expands

The OpenSea Foundation on Thursday announced the upcoming launch of the SEA token to reward active, loyal, and historical users of OpenSea’s NFT marketplace and its Seaport protocol. While specific details about the token launch and allocation details are still forthcoming, a spokesperson for the OpenSea Foundation confirmed to Decrypt that users will not be required to complete know your customer (KYC) verification, and that U.S. users will be eligible to participate in the airdrop. Both detail...

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.