Today in crypto, non-fungible token (NFT) marketplace OpenSea has launched its new platform, OS2, the United States Securities and Exchange Commission (SEC) dropped its lawsuit against Binance, and the US Congress has introduced a comprehensive bipartisan crypto market structure bill.
OpenSea expands beyond NFTs with OS2 public rollout
Non-fungible token (NFT) marketplace OpenSea has launched its new platform, OS2, concluding its beta phase.
The company said the updated platform allows full token trading across 14 blockchains, including support for fungible tokens on Solana. It also introduces tools that aim to enhance crosschain functionality. These changes signal a shift for OpenSea, positioning it as a more comprehensive platform beyond NFTs.
OpenSea chief marketing officer Adam Hollander told Cointelegraph that the platform always believed in a broader idea that everything onchain should be liquid and discoverable in one place.
“OS2 lets a collector mint an NFT on Solana, swap a gaming token on Ronin and buy a memecoin that was just created, all from a single wallet flow,” Hollander said. “Users were already juggling half a dozen DApps and bridges; we streamlined that experience.”
Despite a broader market cooling, OpenSea sees promising signs of user retention and growth. Hollander told Cointelegraph that while volumes may be down from its 2021 to 2022 peak, weekly unique collectors on OpenSea are up by 40% since January. He added:
“That tells us the tourists left, but the true users stayed, and they’re participating in more chains than ever.”
SEC drops Binance lawsuit
The US Securities and Exchange Commission asked a Washington, DC, federal court on May 29 to allow it to drop its long-running lawsuit against crypto exchange Binance and its founder, Changpeng Zhao.
The SEC said in a joint motion with Binance and Zhao that it believed dropping the suit was appropriate “in the exercise of its discretion and as a policy matter.” The agency had paused the action in February, saying that the work of its Crypto Task Force could see it put an end to the case.
The SEC sued Binance, Zhao and the exchange’s US-based arm, BAM Trading, in June 2023, alleging they violated securities law, mishandled customer funds and misled customers.
Binance and Zhao settled a separate case with the Justice Department in November 2023, agreeing to pay a $4.3 billion fine and admitting that the company violated sanctions, was an unlicensed money transmitter and failed to implement appropriate Anti-Money Laundering measures.
Zhao spent four months in jail after admitting to violating money laundering laws as part of the deal. He was also forced to step down as CEO.
It’s the SEC’s latest backdown from the crypto industry under the Trump administration, with the regulator abandoning or settling its actions against crypto companies including Coinbase, Consensus and Kraken.
US lawmakers introduce bipartisan regulatory framework for digital assets
US Representative French Hill has announced the introduction of the much-awaited market structure bill for digital assets. The “Digital Asset Market Clarity Act of 2025” or “CLARITY Act of 2025” comes with support from lawmakers across both sides of the aisle, including three Democratic co-sponsors.
The bill covers the roles of both the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on digital assets oversight, seeking to resolve longstanding questions about which agency oversees which types of digital assets.
“I am proud to introduce the bipartisan CLARITY Act with my colleagues,” Hill said in a May 29 statement. “Our bill brings long-overdue clarity to the digital asset ecosystem, prioritizes consumer protection and American innovation, and builds off our work in the 118th Congress.”
Under the CLARITY Act, developers would be required to provide accurate and relevant disclosures detailing a project’s operation, ownership, and structure.
The bill also introduces new compliance requirements for customer-facing firms such as brokers and dealers, including clear disclosures to customers, segregation of customer assets from company funds, and mitigation of conflicts of interest through strict registration, transparency, and operational standards.