OpenSea, a non-fungible token (NFT) marketplace is preparing to launch a project token, SEA, according to a Feb. 13 announcement from the OpenSea Foundation.
Here are the latest updates from the crypto world.
OpenSea, a non-fungible token (NFT) marketplace is preparing to launch a project token, SEA, according to a Feb. 13 announcement from the OpenSea Foundation.
The timing of the token launch is not specified by the organization but it has said SEA would be available to users in countries including the US. It added that “historical OpenSea usage, not just recent activity, will be an important ingredient” in token allocations.
OpenSea’s strategy underscores the significant shifts in the US regulatory landscape for cryptocurrency companies since US President Donald Trump’s inauguration on Jan. 20. Trump has expressed his desire to transform America into “the world’s crypto capital” and has appointed leaders who are supportive of the industry to oversee crucial regulatory bodies.
In 2024, OpenSea encountered lawsuits and regulatory investigations claiming that the NFTs traded on the platform were unregistered securities. Fungible tokens, such as SEA, experienced even more intense scrutiny. The investigation is still ongoing, but Trump's regulatory appointees intend to reduce enforcement against cryptocurrencies.
Mastercard, a multinational payment services giant reported that it had tokenized 30% of its transactions in 2024; it also recognized stablecoins and other cryptocurrencies’ ability to disrupt traditional financial services.
In a submission to the US Securities and Exchange Commission, the company stated it made substantial progress toward its objective of 'innovating the payments ecosystem,' which includes tokenizing transactions, developing solutions to enable blockchain-based business models, and making access to digital assets easier.
Mastercard stated, “Through a principled approach (including applying prudent risk management practices and maintaining continuous monitoring of our partners that are active in the digital asset market), we are focused on supporting blockchain ecosystems and digital currencies.”
Mastercard announced it collaborated with various cryptocurrency entities to enable consumers to purchase crypto using their cards and spend the balances wherever their brands are accepted.
The firm additionally announced net revenue of $28.2 billion for 2024, marking a 12% rise compared to the prior year.
Michigan is the newest US state to introduce a strategic Bitcoin reserve bill, increasing the number of states enacting crypto reserve-related legislation to 20.On February 13, Representatives Bryan Posthumus and Ron Robinson put forward HB 4087 to modify the state's Management and Budget Act to create a strategic Bitcoin plan.
Michigan is now the 20th state in the US to have pending legislation regarding state crypto investments, with a BTC reserve of $97,136.Michigan has the opportunity to lead in crypto policy alongside Texas by enacting my bill to establish the Michigan Crypto Strategic Reserve, Posthumus stated on X.
Texas Senator Charles Schwertner had introduced a comparable bill to the state Senate on February 12.
The Michigan bill proposes permitting the state treasurer to invest up to 10% of the general fund and economic stabilization fund in cryptocurrencies. The bill does not outline any restrictions or guidelines regarding which cryptocurrencies can be purchased for the reserve.
The bill also features a clause about crypto lending, stating that 'if cryptocurrency can be loaned without heightening financial risk to the state, the state treasurer is authorized to lend the cryptocurrency to generate additional returns for the state.'The state should directly possess cryptocurrency using secure custody methods or exchange-traded products provided by registered investment firms.