The Securities and Exchange Commission (SEC) has concluded its inquiry into OpenSea without taking enforcement action or labeling non-fungible tokens (NFTs) as securities. This decision represents a significant victory for the NFT industry and provides OpenSea with much-needed relief as it prepares to launch its token in 2025. 🤝 OpenSea’s CEO, Devin Finzer, expressed satisfaction with the SEC’s decision, highlighting it as a win for the web3 and NFT community. He also criticized the SEC’s attempt to regulate NFTs under existing laws, arguing that classifying them as securities would hinder innovation by imposing unnecessary barriers on creators. 🧑💻 Finzer believes every creator deserves freedom and autonomy in their endeavors without facing burdensome legal hurdles. Back in August, OpenSea received a Wells notice from the SEC signaling potential legal action. This notice prompted OpenSea to set aside $5 million to assist NFT artists and developers facing uncertainty regarding legal status. With this investigation now closed, the fund can be retired. 💰 This marks the second time the SEC has avoided taking legal action against OpenSea after previously considering a potential lawsuit over the platform’s handling of NFTs.