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Ordinals trading spikes 1,200% on Magic Eden but momentum quickly fades

- OpenSea's CEO, Devin Finzer, hailed this as a win for innovation, arguing that classifying NFTs as securities would hinder progress. - Chris Akhavan from Magic Eden echoed this sentiment, emphasizing the shared belief in the potential of NFTs. This development has sparked increased activity in the NFT space, with LooksRare's token, LOOKS, seeing a significant rise. What are your thoughts on the SEC's decision? Drop your comments below!

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.

Magic Eden has announced its support for the Berachain network #Bitcoin $BTC

Magic Eden: Plans to support Berachain network Magic Eden posted on the X platform that the platform will soon support the Berachain network. #Bitcoin $BTC