- The Securities and Exchange Commission under Donald Trump has taken another step towards regulatory clarity for the crypto industry.
- In less than a day, OpenSea and Coinbase announced they were resolving their legal battles with the SEC.
- The news gives confidence to businesses within the US crypto industry to continue innovating and building a Web3 ecosystem.
The Securities and Exchange Commission (SEC) has wrapped up its investigation into two of the crypto sphere’s biggest exchanges – Coinbase and OpenSea.
In 2023, the SEC pursued legal action against the United States’ biggest crypto trading platform, Coinbase, on the grounds of ‘acting as an unregistered broker’.
Meanwhile, the regulatory body issued a Wells Notice to OpenSea last year as they considered labelling NFTs as unregistered securities.
However, in the span of about 12 hours, both of these legal battles are headed for a swift resolution with the new-look SEC planning to drop the cases.
Related: Coinbase CEO Brian Armstrong Backs in Memecoins After Tumultuous Week
Coinbase CEO Revels in SEC Decision, Calls Out ‘Sketchy Behaviour’
Coinbase has been particularly active in the regulatory scene, with CEO Brian Armstrong meeting with US President Donald Trump to discuss the fast-evolving industry.
The improved relationship between crypto and politician has made a quick impact on the scene, as Gary Gensler’s ‘regulation by enforcement’ stance slowly begins to unravel.
The long-standing Coinbase lawsuit, accusing the company of offering unregistered securities, was a major thorn in the side of not just Coinbase, but other US-based crypto exchanges.
But with the legal battle set to be resolved in the coming weeks, Armstrong can finally see the light at the end of the tunnel.
Will the NFT Hype Return Alongside Regulatory Clarity?
On the very same day, the Securities and Exchange Commission agreed to close legal proceedings against the world’s biggest NFT marketplace, OpenSea.
The primary allegation leveled at OpenSea was similar to Coinbase – acting as an unregistered securities broker.
The SEC was investigating whether NFTs should be classified as securities. If they found this to be the case, it would spell serious danger for the struggling NFT industry.
However, it appears that Trump’s SEC is leaning against such a classification, with many in the community hoping it’s the catalyst for an NFT revival.
The post SEC Backs Off Coinbase and OpenSea Investigation: A Sign of Things to Come? appeared first on Crypto News Australia.
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