SEC has completed its investigation in Opensea. The committee announced that it will not take legal measures, confirming that NFTS is securities.
The pioneering NFT market was notified that no enforcement measures were taken. This represents the second legal procedure that SEC fell against encryption platforms on Friday.
SEC no longer investigate Opensea
Divin Venzer, co -founder of Opensea, described the decision to win the NFT and Web3 community. He stated that SEC has misinterpreted the current laws related to NFTS, a mistake that could slow progress in the sector.
“This is a victory for everyone who creates and builds in our area. The attempt to classify NFTS as securities was a step -step – one misinterpretation of the law and slowing innovation. Every person must be large or small, able to build freely without unnecessary barriers.” books Fenzer.
This result followed Wales’s notice that Opensea received last August. The notice indicated that SEC planned to start a legal action, on the pretext that some or all NFTS on the platform may be securities.
OpenSea allocated $ 5 million to support NFT artists and developers who may face similar procedures. However, this box will not be required for this purpose.
At the same time, SEC’s decision is a great relief for the NFT market, as Opensea is preparing to launch the distinctive symbol in 2025.
Given that other competitors had already entered the encryption market early, the organizational investigation could have been more harmful to Opensea.
It is worth noting that this is the second chapter announced by SEC today, on February 21. Earlier this morning, the committee announced plans to reject its lawsuit against Coinbase.
The encryption exchange stated that SEC employees agreed in principle to drop the case, pending the final approval of the Commissioners.
In general, the Supreme Education Council appears to be limited to enforcing encryption at a rapid pace. However, the largest legal action, a ripple suit, is still active.
Disintegration
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