SEC Drops OpenSea Investigation After Wells Notice

This comes after OpenSea received a Wells notice last year. It was a warning that the agency was considering enforcement action.

The announcement from OpenSea follows Coinbase’s Friday morning news that the SEC has also decided to drop its lawsuit against the exchange. With two big names in crypto getting a pass, it looks like the SEC may be shifting gears on its crackdown.

A Changing Tide for Crypto?

Under former SEC Chairman Gary Gensler, the agency took an aggressive approach toward crypto, handing out Wells notices left and right. OpenSea was targeted for allegedly listing NFTs as unregistered securities. Its CEO, Devin Finzer, called the move “a sweeping attack on creators and artists” and vowed to fight back.

The SEC is closing its investigation into @opensea. This is a win for everyone who is creating and building in our space. Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation.

Every creator, big or small,…

— dfinzer.eth | opensea (@dfinzer) February 21, 2025

Now, the tides are turning. The SEC, now under Acting Chairman Mark T. Uyeda, seems to be reevaluating its stance. Uyeda has tapped Republican Commissioner Hester Peirce—long known for her crypto-friendly views—to lead a “crypto task force.” This group is working with firms previously targeted by the SEC and exploring clearer industry guidelines. One hot topic? Staking ETFs, a concept that would have been a non-starter under Gensler’s leadership.

More About OpenSea

From BAYC’s historic trading volume to the booming NFT ecosystem on ApeChain, the same passionate community that helped shape the NFT space is still leading the charge.

From BAYC’s historic volume to ApeChain’s thriving NFT ecosystem—the same community that helped shape the space is still leading the charge.

ApeChain is the Home of NFTs.

Now live on @opensea. https://t.co/6kroHEJiiu

— ApeCoin (@apecoin) February 13, 2025

ApeChain has become the ultimate hub for NFTs, providing a seamless experience for creators and collectors alike. Now live on OpenSea, ApeChain cements itself as the true Home of NFTs, where innovation and culture continue to thrive.

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