The US Securities and Exchange Commission (SEC) has concluded its investigation into the OpenSea non-fungible token market.
OpenSea founder Devin Finzer said in a post on X dated February 21:
"The SEC is closing its investigation into OpenSea. This is a win for everyone who is creating and building in our space."
The development came just hours after the SEC agreed to drop its lawsuit against Coinbase, which had been accused of operating as an unregistered securities broker.
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Finzer noted categorizing NFTs as securities would have had a negative impact on the industry and hindered innovation.
The investigation into OpenSea began in August 2024 when the SEC issued a Wells notice alleging the platform was operating as an unregistered securities marketplace.