NFT-geddon Averted?

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🚨 NFT-geddon Averted? 🚨
NFT-geddon Averted?

What’s the haps, then?

  • The SEC, those lovable scamps, have decided to shut down their investigation into OpenSea. Yes, you heard that right – the NFT marketplace is off the hook! 🎉
  • This news has sent shockwaves of joy throughout the cryptocurrency industry and NFT creators, who were no doubt on the edge of their seats, biting their nails in anticipation. 😬

According to Devin Finzer, OpenSea’s founder and CEO (and no doubt a man of impeccable taste), the U.S. Securities and Exchange Commission (SEC) has decided to close its investigation into the NFT marketplace. Because, you know, it’s not like they had anything better to do… 🙄

It all started when the SEC issued a Wells notice against OpenSea back in August 2024. You know, the usual – “You’re operating as an unregistered securities marketplace, you scoundrels!” But now, it seems, they’ve had a change of heart. ❤️

This news comes hot on the heels of the SEC’s decision to drop its lawsuit against Coinbase. Because, let’s be real, who doesn’t love a good cryptocurrency exchange? 🤑

Finzer, being the clever chap he is, took to social media to express his delight at the news. “This is a win for everyone who is creating and building in our space,” he posted. “Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation.” Yay, innovation! 🎉

Chris Akhavan, chief business officer of NFT marketplace Magic Eden, was equally thrilled. “While we are competitors in the trenches, we share a deep belief in NFTs and what they will enable,” he wrote. Aw, group hug! 🤗

And, as you’d expect, the news sent the native token of NFT marketplace LooksRare, LOOKS, into a frenzy. Because, you know, people love a good token surge! 🚀

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2025-02-22 18:43