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The U.S. Securities and Exchange Commission (SEC) has decided to drop its investigation into OpenSea, the largest NFT marketplace, opting not to take legal action. This decision is seen as a positive sign for the NFT industry. OpenSea founder Devin Finzer celebrated the report’s conclusion, calling it a win for creators and the Web3 community. The SEC’s probe into OpenSea began in August 2024 after the agency issued a Wells notice indicating its intent to take legal action. The main question was whether some non-fungible tokens (NFTs) traded on the platform should be classified as securities. Previously, the SEC had raised concerns about whether NFTs might be considered securities under securities laws. This was part of its ongoing efforts to regulate the cryptocurrency and digital asset industries. However, after a lengthy investigation, the SEC has chosen not to pursue legal action against OpenSea. Related: OpenSea Faces SEC Scrutiny Over NFT Classification Finzer the founder of OpenSea, announced the news to the public, confirming the investigation’s closure and sharing his satisfaction with the outcome. He described the decision as a positive step for the NFT space. He emphasized the importance of not classifying NFTs as securities, as he believes this could hinder innovation. Back in 2024, the initial Wells notice had suggested that NFTs on the platform could be subject to securities laws. This raised alarms within the industry, and many, including Finzer, argued that such a stance could harm innovation. The SEC’s decision to close the OpenSea investigation comes soon after the commission dismissed a lawsuit against the cryptocurrency exchange Coinbase. In the Coinbase case, the SEC had accused the platform of acting as an unregistered securities broker, but the SEC also dropped that case. Related: Ripple CEO Applauds SEC for Dropping Coinbase Lawsuit: Time for XRP to Shine? Even though Magic Eden is a competitor in the NFT marketplace, its Chief Business Officer, Chris Akhavan, supported OpenSea’s outcome. He mentioned the industry’s shared belief in NFTs’ potential and noted that the SEC’s decision would benefit the industry and positively impact future NFT development. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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OpenSea has staged a dramatic comeback, reclaiming 71.5% of the Ethereum NFT market share in the past week. Just four weeks ago, its share stood at 25.5%, with Blur dominating the space. The Block reports that this surge coincides with OpenSea’s long-awaited announcement of its native token, SEA, on Feb. 13. Since the token reveal, OpenSea’s daily trading volume has skyrocketed, averaging $17.4 million, nearly five times its pre-announcement average of $3.47 million. The number of daily transactions also more than doubled, jumping from 6,100 to 14,700 trades. The bulk of this growth came in the past week, as OpenSea’s market share spiked from 42.4% to 71.5%, largely at Blur’s expense. OpenSea has encountered obstacles in its incentive rollout, despite the momentum. After users accused the platform of promoting wash trading and giving fee production precedence over actual ecosystem engagement, it recently suspended its XP-based incentives system. Devin Finzer, CEO of OpenSea, recognized the criticism and said the team is reassessing its strategy even though liquidity incentives are still crucial. You might also like: Leaked OpenSea user emails now public, SlowMist warns of phishing risks In place of the XP system, OpenSea has introduced “XP shipments,” a new rewards model targeting early adopters of its OS2 marketplace. Users who provided feedback via Discord have already received the first batch of XP rewards, while a second round is being distributed to those who have purchased NFTs on OS2. In addition, XP multipliers are available for those who’ve held top-volume NFT collections for more than three months. Although information about the SEA token is still limited, OpenSea has stated that U.S. users are eligible for the airdrop and that allocation will be based on past platform activity, which could potentially compensate traders who were active during the 2021 NFT bull run. Read more: NFT sales suffer, Pudgy Penguins plunge: Here’s the latest

Societe Generale-FORGE, a subsidiary of Societe Generale Group and licensed investment firm, has deployed its euro-backed stablecoin on the Stellar network. With several stablecoin issuers getting regulatory approval to offer the Markets in Crypto Assets-compliant stablecoins in Europe, SG-FORGE announced it selected Stellar (XLM) blockchain network for its own launch. On Feb. 20, Societe Generale-FORGE said its multi-chain strategy takes flight with the deployment of the MiCA-compliant stablecoin EURCV CoinVertible on Stellar. The digital euro stablecoin will leverage Stellar’s fast, scalable and cost-effective network, with the overall benefit to users being the boost this product will give to the blockchain platform’s cross-border payments ecosystem. In this case, SG-FORGE’s stablecoin will see further adoption across financial institutions and asset managers. “Our upcoming integration with Stellar represents a pivotal moment in bridging traditional finance with the digital asset ecosystem. Stellar’s approach and established connections with asset managers and TradFi institutions align perfectly with our mission to achieve broader adoption of stablecoins within the financial system,” Guillaume Chatain, chief revenue officer at SG-FORGE, said. You might also like: YLDS stablecoin debuts as first SEC-registered yield-bearing digital asset The integration will also not just bring EURCV to traditional finance users, but also bolster XLM utility in the broader decentralized finance and web3 space. One of the big developments the partnership will power is asset tokenization, a sector that continues to grow in leaps amid the entry of global behemoths such as BlackRock, Fidelity Investments and Franklin Templeton. Societe Generale-FORGE, founded in 2018, operates under Societe Generale Group. The firm’s operations includes digital asset and blockchain services and solutions, with these offered to institutional issuers and investors. It launched the EURCV stablecoin on Ethereum in April 2023. SG-FORGE previously revealed plans to debut the stablecoin on the XRP Ledger, with this targeted for 2025. The company has regulatory approval as an electronic money institution from the Autorité de Contrôle Prudentiel et de Résolution. It also holds a digital asset service provider license. DASP is a registration authorized by the financial markets regulator Autorité des Marchés Financiers. Read more: Societe Generale’s crypto division secures license in France

OpenSea CEO Devin Finzer: 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.…