SEC Closes OpenSea Investigation, New Move in Crypto Policy
The US Securities and Exchange Commission (SEC) has officially closed its investigation into OpenSea, a leading NFT trading platform, according to a report from Bloomberg. The move comes just weeks after OpenSea confirmed plans to airdrop SEA tokens and released a beta version of its OS2 platform, expanding its reach to US users.
The SEC’s closure of its OpenSea investigation also comes shortly after the agency decided to dismiss its lawsuit against Coinbase. The two decisions in the same day suggest that the SEC may be adjusting its approach to the crypto industry, especially under the leadership of Acting Chairman Mark T. Uyeda.
OpenSea previously received a “Wells Notice” in August, signaling the SEC’s intention to pursue enforcement action. However, the latest decision, confirming that it will not pursue legal action against OpenSea, marks a significant shift in the agency’s stance toward digital asset trading platforms.
The SEC’s shift in stance is seen as a reflection of the administration’s new policy, with a clearer preference for the crypto industry. Accordingly, Commissioner Hester Peirce – who has often opposed the SEC’s crypto crackdown – has been tasked with leading a task force to develop clearer guidelines for the industry. The group has also held meetings with many companies previously targeted by the SEC, discussing issues such as the approval of staking exchange-traded funds (ETFs).
Airdrops, a popular form of token distribution, remain in a legal gray area. Previously, US lawmakers, including House Financial Services Committee Chairman Patrick McHenry and House Majority Leader Tom Emmer, sent a letter asking the SEC to clarify its airdrop regulations. They argued that policy uncertainty has negatively affected US investors, causing them to be excluded from many token distribution programs.
This is not the first time the SEC has dropped an investigation into a crypto-related company. Previously, the agency also stopped an investigation into Paxos' BUSD stablecoin and terminated an investigation into Consensys' Ethereum 2.0. These moves could signal a shift in how the cryptocurrency market is regulated, as the SEC seeks a more balanced approach between protecting investors and supporting technological innovation.
