OpenSea CEO: The US SEC Targets Outstanding Participants in the Crypto Sector During Biden's Administration

Devin Finzer, co-founder and CEO of OpenSea, stated that the U.S. Securities and Exchange Commission's (SEC) enforcement approach towards cryptocurrency companies has cast a lasting "regulatory shadow" over the industry. In an interview, Finzer mentioned that during the Biden administration, the agency unfairly targeted prominent participants in the cryptocurrency sector, including OpenSea. "There are various types of digital assets, you know, and you shouldn't treat them all the same. That's obvious. But I think the previous approach by the SEC was, you know, a very, very generic approach." The SEC issued a Wells notice to OpenSea in 2024—a formal notice that typically precedes enforcement action—alleging that the NFT marketplace was operating as an unregistered securities exchange. At the time, Finzer criticized the SEC's "regulation by enforcement" approach and stated that OpenSea was ready to "stand up and fight."