Opses said that the US Securities and Stock Exchange Committee (SEC) has abandoned its investigation in the NFT market.
The company was facing a possible SEC lawsuit on NFTS, which is classified as securities. I mentioned Bloomberg On Friday, SEC Opensea told the agency that the agency had closed its investigation without taking enforcement measures.
SEC issued a Wells notice, but Opensea resisted the NFT stock rating
The development follows Wales’s notice issued to the NFT market last August, indicating the intention of the Securities and Stock Exchange Committee to take legal action. The agency was verifying whether some NFTS was circulated on the Opensea platform in reality securities, which is part of a wider batch to regulate the encryption industry.
Wales’s notification is an official call from the Supreme Education Council that allows the recipient to respond before the agency made a final executive decision. Although the notice indicated that SEC believes that some NFTS may be subject to the laws of securities, Opensea has taken the position that its classification in this way would misunderstand the current laws and strangle innovation in space.
Divin Venzer, co -founder and CEO of Opensea, Welcoming The news said that the development is a victory for everyone who makes and builds in its area. He added that an attempt to name NFTS because securities would have returned them. According to Tizser, every creator should be, regardless of how small it is, able to build without unjustified friction. “
Echo of the views of the views of NFT and the widest members of the wider web3 community who claimed that NFTS is primarily a form of digital holdings and art, not financial securities.
Opensea has already reserved $ 5 million in the Legal Defense Fund to help artists and developers who could be examined by SEC.
The encryption community is pushed back as SEC relieves NFT and Crypto regulations
SEC’s efforts to determine NFTS as a large -scale metaphysical cold of the encryption community that this organization sees as a barrier to innovation.
For at least some NFTS holders and creators, SEC’s decision to close the investigation without an enforcement procedure that is likely to indicate a more lenient approach to enforcement regarding NFTS, which may be a satisfaction with markets, creators and crowds who were scrambling to an existing organizational guidance analysis.
Meanwhile, in a relevant development, the Securities and Stock Exchange fell a lawsuit against Coinbase. The encryption exchange revealed earlier today that SEC staff had agreed in principle to reject the case, taking into account the final approval by the commissioners.
If it is officially adopted, the separation will be with bias, which will prevent SEC from re -issuing similar charges against Coinbase in the future and can affect other continuous legal battles that involve other encryption platforms.
SEC’s decision not to follow another Opensea is a historical moment for NFT and confirms that digital assets as a whole should not be shoes shoes in the historical stock of securities. With OpenSea free from regulatory procedures, creators and developers within the NFT space can focus on innovation with a decline in the ghost of the Gory.
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