SEC concludes OpenSea examination, lets the lawsuit against the coin base.

The US Securities and Exchange Commission (SEC) closes its examination from Openea and has an action against Coinbase.

Devin Finzer, founder and CEO of OpenSea, made the announcement to X and described it as a “profit” and the first attempt by the regulatory authority to classify NFTs as securities “one step backwards – one who misinterprets the law and Innovation slows down “.

In August, the SEC Openea sent a Wells announcement about the claim that NFTs are securities on its platform. A wells announcement is usually sent before the start of a formal lawsuit. Coinbase, Uniswap Labs, Ripple, Robinhood, Consensys and Busd issuers Paxos are among the increasing list of crypto companies that have received such communications.

Finzer said at the time that OpenSea is “shocked, that the SEC would take such a comprehensive step against creators and artists” and that the company “get up and fight” and $ 5 million promises for legal costs for NFT creators and developers, which may also be issued with a message.

Even the competitor Magic Eden praised the SEC's decision to drop his case against OpenSea. “While we are competitors in the trenches, we share a deep belief in NFTs and what they will make possible,” said Chris Akhavan, Chief Business Officer from NFT Marketplace Magic Eden.

The step also coincides with the SEC, which is agreed to drop her lawsuit against Coinbase in what the exchange described as a change in the “political leadership” at the agency.

According to Paul Grewal, Chief Legal Officer from Coinbase, the SEC “in principle” agreed to dismiss the lawsuit that accused the exchange not to register as a securities platform. The SEC will eventually submit this week to the dismissal of the lawsuit.

The regulatory authority sued Coinbase in June 2023 on the basis that Coinbase worked as a non -registered securities exchange, broker and clearing agency.

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At the beginning of this month, the agency submitted an application to ask a federal court for a four -week extension to respond to the ongoing appeal of Coinbase.

Coinbase had questioned a decision by the district judge Katherine Polk Failla, who found that the SEC had submitted a plausible case that Coinbase sold not registered securities. The stock exchange is aiming for judicial clarity about how securities laws apply to crypto.

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Grewal proposed that a shift in leadership played a role in the decision of the SEC, which pointed out to changes in the regulatory priorities in the context of a new administration and found that “what changed in these two years was the political leadership at the Sec” means softened under President Donald Trump.