legal

Last week in crypto regulation (February 17 - 23):

1/ SEC Drops Investigations & Lawsuits
The SEC closed its investigation into OpenSea, ended its lawsuit against Coinbase, and withdrew its appeal on broker rules.
https://x.com/dfinzer/status/1893086281300582772?
https://www.coinbase.com/en-gb/blog/righting-a-major-wrong
https://theblockchainassociation.org/wp-content/uploads/2025/02/CFAT_BAvSEC-Unopposed-Motion-to-Voluntarily-Dismiss-Appeal.pdf

The SEC is closing its investigation into @opensea. This is a win for everyone who is creating and building in our space. Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation.

Every creator, big or small,…

dfinzer.eth | opensea

Ask me about law |

Head of web3&crypto practice at Buzko Krasnov law firm

2/ U.S. Federal Reserve to Face Audit
The Department of Government Efficiency will audit the U.S. Federal Reserve.
https://x.com/BehizyTweets/status/1892703282402914314?

3/ Lazarus Group Hacks Bybit, Steals $1.46B
North Korean-linked hackers Lazarus Group breached Bybit’s cold wallet, stealing $1.46B in ETH.
https://x.com/zachxbt/status/1893211577836302365?
https://x.com/Bybit_Official/status/1892965292931702929?

4/ Other Lawsuits:
– SafeMoon LLC’s CTO changed his plea to guilty in a $200M fraud case.
https://www.law360.com/articles/2300812/safemoon-exec-says-he-ll-cop-to-2-conspiracy-charges
– Nigeria sued Binance, demanding $81.5B in economic losses and back taxes.
https://www.reuters.com/world/africa/nigeria-seeks-815-bln-economic-losses-back-tax-against-binance-court-document-2025-02-19/
– FTX started distributing creditor repayments.
https://www.prnewswire.com/news-releases/ftx-commences-initial-distributions-to-convenience-class-and-sets-next-distribution-302379212.html

5/ ETFs:
– Franklin Templeton launched a Bitcoin & Ethereum ETF.
https://www.franklintempleton.com/investments/options/exchange-traded-funds/products/41786/SINGLCLASS/franklin-crypto-index-etf/EZPZ
– The SEC accepted 21Shares’ application to add staking to its spot Ethereum ETF.
https://www.sec.gov/files/rules/sro/cboebzx/2025/34-102450.pdf
– Brazil’s Securities Commission approved the first spot XRP ETF.
https://portaldobitcoin.uol.com.br/1o-etf-a-vista-de-xrp-do-mundo-vai-estrear-em-breve-no-brasil/

6/ Misc:
– The SEC approved the first interest-bearing stablecoin, YLDS by Figure Markets.
https://www.sec.gov/Archives/edgar/data/1974395/999999999525000488/xslEFFECTX01/primary_doc.xml
– The SEC launched the Cyber and Emerging Technologies Division to combat digital financial crimes.

6/ Misc:
– The SEC approved the first interest-bearing stablecoin, YLDS by Figure Markets.
https://www.sec.gov/Archives/edgar/data/1974395/999999999525000488/xslEFFECTX01/primary_doc.xml
– The SEC launched the Cyber and Emerging Technologies Division to combat digital financial crimes.
https://www.sec.gov/newsroom/press-releases/2025-42