OpenSea’s Finzer Criticizes Past SEC Actions, Welcomes Regulatory Shift
Devin Finzer, co-founder and CEO of OpenSea, believes the U.S. Securities and Exchange Commission (SEC) unfairly singled out responsible players in the crypto space during previous leadership. In a recent interview, Finzer reflected on the agency’s enforcement-heavy approach under the Biden administration, saying it created a chilling effect on the industry.
“There are all sorts of digital assets — they shouldn’t be treated the same,” said Finzer. “But the SEC’s past approach was overly broad and generic.” He specifically recalled the agency’s issuance of a Wells notice to OpenSea in 2024, which suggested the NFT marketplace might have operated as an unregistered securities exchange. At the time, Finzer slammed the move as “regulation by enforcement” and vowed to fight back.
New SEC Leadership Signals a Friendlier Tone
Now, with Paul Atkins at the helm of the SEC under the Trump administration, Finzer sees signs of a more balanced regulatory landscape. “Effective crypto regulation must protect consumers without stifling innovation,” he said. “This isn’t a one-size-fits-all issue.”
Since the leadership change, the SEC has rolled back enforcement efforts against a range of crypto entities, including high-profile names like:
- Coinbase
- Kraken
- Yuga Labs
- OpenSea
- Uniswap
- Ripple
These actions, many of which were initiated under former SEC Chair Gary Gensler, have been dropped or scaled down, signaling a shift in policy direction.
Trump’s Pro-Crypto Stance Reshapes Regulatory Climate
During the 2024 U.S. election cycle, the crypto industry strongly supported Donald Trump, drawn by his pledge to turn America into “the crypto capital of the planet.” Pro-crypto political action committees (PACs) contributed over $119 million to candidates aligned with the industry, helping to influence electoral outcomes.
As the regulatory environment continues to evolve, Finzer and others in the space are hopeful that a more nuanced and innovation-friendly approach will replace the previous era of enforcement.
