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- SEC retreats on crypto enforcement, closing OpenSea case after dropping Coinbase lawsuit
SEC retreats on crypto enforcement, closing OpenSea case after dropping Coinbase lawsuit
Bay Area Times
February 24, 2025
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Top stories today:
- SEC closes OpenSea case just after dropping Coinbase lawsuit
- OpenAI projects +243% YoY revenue to $12.7B in 2025
- xAI’s Grok 3 blocked links saying Musk, Trump “spread misinformation”
- Amazon’s investments in Anthropic now worth $14B
- Alibaba to invest $53B on AI infrastructure over next 3 years
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):
1. SEC retreats on crypto enforcement, closing OpenSea case after dropping Coinbase lawsuit
Aug.: SEC issued a Wells notice against OpenSea, alleging it operating as an unregistered securities marketplace.
Thu.: Coinbase said the SEC agreed to drop its ~2-year-old lawsuit against the exchange.
Coinbase has also expected full dismissal of the SEC lawsuit.
Feb. 11: SEC also stayed a separate case against Binance.
These moves signal a shift in SEC’s stance on crypto under the Trump regime.
SEC separately unveiled a new crypto unit on Thu., focusing on fraud and malicious actors.
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3. OpenAI projects +243% YoY revenue to $12.7B in 2025, with 33% from SoftBank
$28B in revenue is expected by 2028, OpenAI reportedly told investors.
+115% in OpenAI’s spending on Microsoft-owned data centers to $28B in 2028 from $13B this year.
OpenAI has projected its cash burn to hit ~$20B in 2027
50%+ of OpenAI’s overall spending through the end of the decade is forecast to fund its model training and development.
$40B in spending by 2028, with AI model running costs surpassing training costs by 2030.
OpenAI has estimated 8GW data center power by 2030, vs. 1GW data center deal signed under the Stargate project.
