The Securities and Exchange Commission (SEC) implementation approach to crypto companies has left a lasting “regulation overhang” within the industry, according to Devin Finzer, co-founder and CEO of Openea.
In a conversation with the cointelegraph, Finzer said that during Biden’s administration the agency was not fair to target good actors in the crypto space, including the Opensea. “There are all kinds of digital ownership, you know, you shouldn’t treat everything the same. That’s clear. But I think the strategy that the previous SEC is taking is kind of it, you know, very, very generic.”
The SEC has released a notice of Wells – a formal notice that is often a signal to the action of implementation – In the Opensea in 2024that claims the NFT market operates as an exchange for unregistered security. At this time, Finzer criticized the SEC for the approach of “regulation by implementation” and said the opening was ready to “stand and fight.”
https://www.youtube.com/watch?v=cpbgt_dtmvy
In the SEC under the new leadership of Chair Paul Atkins, Finzer hopes for a more balanced framework of regulation. “Good crypto regulation needs to be balanced, kind of, protecting consumers but also maintaining modernization,” Finzer said. “It’s not just a big-sized-all problem, is it?”
Under the Trump administration, the SEC has scaled implementation actions against many crypto companies, which marked a US policy transfer after years of actions implemented by former Chair Gary Gensler.
For example, the agency has removed legal challenges against exchanges Coinbase and KrakenNFT companies Yuga labs and Openseaand decentralized financial protocol Underp – Most of them were opened during Gensler’s term. The SEC has also been Deleted its case against ripple.
During the 2024 US election cycle, the crypto industry was widely backed after-candidate Donald Trump, who promised to make The United States “The Crypto Capital of the Planet.” Generally, Crypto Committees Super Political, or Pacs, Hasdonated more than $ 119 million In the coffins of pro-Crypto candidates, which helps shape elections.
Related: Crypto problem continues with the new regulations in spite of new regulations
NFTS: Low trading volume, high change
SEC Crackdown in crypto firms weighed in the collapse of markets following the collapse of the FTX in November 2022, driving investors far from crypto products such as unimaginable tokens
Since then, NFT trading volume has fallen From its 2021 climax, which affects protocols and platforms such as the Opensea. In 2023, the company Eliminated by 50% of its staff in the midst of market disturbance.
Finzer said the NFT space is still evolving, with change and new living applications – especially in the gaming industry and art collections. Despite this, the Opensea began exploring other areas, looking to change the business to become a destination for all onchain trade beyond the NFT.
“I mean, for the first time in the history of the Internet, people have the ability to own digital objects, right, in a real way,” Finzer said. “(…) You can move them between different applications and take it with you wherever you go to the Internet. And that’s something really strong.”
Related: Opensea declined NFT AirDrop Rumors, website calling a test page
