The regolamentazione della SEC in the crypto sector has profoundly influenced the market, especially for entities like OpenSea, the leading NFT marketplace.
The main keyword “SEC e OpenSea” has been central from the beginning, as recent history has shown a radical transformation in the way the American government agency approaches the regulation of digital assets.
The SEC changes approach on crypto, marking a crucial turning point for OpenSea and the NFT market
Devin Finzer, co-founder and CEO of OpenSea, described in an interview the period during the Biden administration as characterized by an excess of regulatory actions.
Specifically defined by him as a “regulatory overhang,” meaning a persistent regulatory pressure that weighs on the crypto industry.
During this phase, the SEC targeted many actors considered “good,” treating all digital assets the same way, without differentiating between specific types and risks.
This “generic” approach, highlights Finzer, has had negative repercussions on investor confidence and has limited innovation in the sector.
In 2024, OpenSea received a Wells notice from the SEC, a formal notice that often precedes legal actions.
The main accusation concerned the management of the platform as an unregistered exchange of financial securities (securities).
Finzer rejected this approach, calling it a form of “regulation by enforcement”: a regulation based on punitive actions rather than clear rules.
In response, OpenSea has declared itself ready to defend itself legally, emphasizing the need for a more balanced and functional regulatory framework. This affair represents a crucial point in the relationship between authorities and businesses in the bull and bear world of cryptocurrencies.
With the arrival of the new President Trump at the White House, the SEC has changed its strategic line under the guidance of Paul Atkins, the new chairman of the agency.
The trend has been to reduce the intensity of legal actions against crypto companies, marking a clear discontinuity compared to previous years governed by Gary Gensler.
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Withdrawn actions and archived cases
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Significantly, the SEC has withdrawn the cases against platforms like Yuga Labs, OpenSea, and the DeFi Uniswap protocol. Additionally, it has filed away the long legal proceedings against Ripple, one of the most important blockchain and cryptocurrency companies.
This reduction in legal disputes stems from the desire to adopt a more flexible and pragmatic approach, which can balance consumer protection with the need to promote technological innovation, as highlighted by Finzer himself.
The clear communication of the intention to “not adopt one-size-fits-all measures” indicates a growing awareness of the differences in the crypto world.
The 2024 electoral cycle has seen a growing interest from the crypto industry towards the US political landscape. The massive support for candidate Donald Trump from the sector’s super PACs has demonstrated the economic and strategic relevance of cryptocurrencies.
In particular, a total donation exceeding 119 million dollars to pro-crypto candidates is highlighted, emphasizing how politics and the digital economy are increasingly intertwined.
Trump, in fact, during the campaign had promised to make the United States “the world capital of cryptocurrencies,” a proposal that found strong support within the tech community.
The action of the SEC also impacted the NFT sector, which experienced a drastic decrease in trading volumes after the collapse of FTX in November 2022.
Questo calo ha creato difficoltà significative per marketplace come OpenSea, che nel 2023 ha dovuto ridurre del 50% il proprio personale a causa della situazione di mercato.
New perspectives for NFTs and the onchain digital economy
Despite the reduction in volumes, the sector remains lively and rich in innovation, especially in the gaming and artistic collectibles sectors.
Finzer emphasizes how NFTs are opening up new possibilities, allowing people to own digital assets in a real, transferable, and interoperable way across different platforms.
This capability of distributed digital ownership represents a significant innovation in the history of the internet and offers ample room for development for future applications in various fields, not only limited to art or games.
To face the uncertain market, OpenSea has started to explore new business segments, aiming to become a hub for all types of trading onchain.
This strategy represents both a response to the current challenges and a forward-looking vision to consolidate one’s position in the market.
In summary, the relationship between the SEC and OpenSea reflects the transformation of the regulatory framework in the United States under Trump’s leadership.
The policy of reducing punitive measures and the recognition of the peculiarities of the crypto sector pave the way for a more favorable regulatory climate.
However, it remains essential to maintain a balance between consumer protection and space for innovation, a challenge that all the actors involved must face with care and responsibility.
The ongoing regulatory and market evolution offers new opportunities for growth and stability for the crypto community. Therefore, observing the concrete implementation of the new SEC policies will be decisive for understanding the future role of digital assets in the global economy.