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According to Bloomberg, leading NFT marketplace OpenSea announced the conclusion of an investigation by the U.S. Securities and Exchange Commission (SEC). Earlier this month, the platform launched the beta version of its new platform OS2 and announced the SEA coin AirDrop. Following this development, U.S. users will also be granted access to the AirDrop.
Details of the SEC’s Investigation and AirDrop Controversies
The SEC had initiated an investigation into OpenSea last year, alleging that NFTs on the platform were unregistered securities. At that time, OpenSea’s CEO Devin Finzer stated that the SEC was creating “widespread pressure” on artists and creators, and expressed readiness to fight back.
Furthermore, AirDrops remain among the topics where the SEC has not established clear legal guidelines. In September 2023, Patrick McHenry and Tom Emmer from the U.S. House of Representatives sent a letter to the SEC requesting clarity on how AirDrops are categorized, arguing that legal ambiguity has prevented many U.S. investors from accessing various AirDrops.
How Will the SEC’s New Stance Affect the Crypto Market?
The SEC had previously taken stringent actions against the crypto market. Under former SEC Chair Gary Gensler, the agency sent Wells notices to numerous centralized and decentralized platforms, indicating possible legal action from investigations.
However, the SEC’s stance appears to have shifted with the new administration. Acting SEC Chair Mark T. Uyeda has established a new “crypto task force” within the SEC, led by Republican member Hester Peirce, who opposed Gensler’s firm approach. Reports suggest that Peirce’s team is currently engaging with companies previously targeted by the SEC to discuss new regulations.
With Peirce at the helm, the SEC’s new direction could lead to clearer regulations for the crypto market in the U.S. and increased trust in the market. Discussions have reportedly taken place on various topics, including the approval of new financial products like staking ETFs.
