NFTs Cleared SEC Ends OpenSea Probe

SEC Ends Investigation into OpenSea Without Securities Charges

• The SEC has concluded its investigation into OpenSea, deciding not to file securities charges against the NFT marketplace.
• OpenSea had prepared a $5 million legal fund for potential SEC actions against NFT artists and developers.
• The investigation followed a Wells notice issued by the SEC last August, suggesting NFTs might be classified as securities.
• The SEC’s stance on NFTs as securities has been controversial within the crypto community.
• The SEC is also dismissing a lawsuit against Coinbase, pending final approval from commissioners.

The SEC’s decision not to pursue enforcement actions against OpenSea concludes an investigation that began with a Wells notice last August, which had suggested potential classification of NFTs as securities.