Good actors were 'unfairly targeted' by SEC — OpenSea's CEO
The SEC's enforcement approach has created a "regulatory overhang" in the crypto industry, according to OpenSea CEO Devin Finzer. He criticized the SEC for targeting compliant firms like OpenSea under the Biden administration, describing its methods as overly generic. In 2024, the SEC issued a Wells notice to OpenSea, alleging it operated as an exchange for unregistered securities. Finzer expressed readiness to contest this action and hopes for a more balanced regulatory framework under new SEC Chair Paul Atkins. The SEC has recently reduced enforcement actions against several crypto firms, including Coinbase and Ripple, marking a shift from the previous administration's approach. The crypto industry supported Donald Trump during the 2024 election cycle, contributing over $119 million to pro-crypto candidates. Following the FTX collapse in November 2022, NFT trading volume has significantly declined, leading OpenSea to lay off 50% of its staff in 2023. Despite challenges, Finzer believes the NFT space is innovating, particularly in gaming and art collectibles, and OpenSea is diversifying its offerings beyond NFTs.
