EddieJayonCrypto

 4 Mar 25

tl;dr

The U.S. Securities and Exchange Commission has closed its investigation into Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFT collection, without enforcement action. Yuga Labs had been under scrutiny over whether its NFT offerings and ApeCoin token distribution violated federal securit...

The U.S. Securities and Exchange Commission (SEC) has closed its investigation into Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFT collection, without taking enforcement action, the company revealed. Yuga Labs had been under SEC scrutiny to determine if its NFT offerings and ApeCoin token distribution breached federal securities laws. The company hailed the decision as a "huge win" for the NFT industry, emphasizing that NFTs are not securities. Following the SEC announcement, the floor price for Bored Apes on OpenSea rose by 3.8%, despite a significant overall drop in their value. This development coincides with a shift in the SEC's regulatory approach to crypto, marked by the suspension or dismissal of cases against major crypto firms. Yuga Labs, led by CEO Greg Solano, has been actively expanding its crypto initiatives and recently launched a subsidiary, BAYC LLC, after a company restructure.

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