Home NFT SEC takes on BAYC creator Yuga Labs

SEC takes on BAYC creator Yuga Labs

by Chief editor

SEC sends request to Yuga Labs
Commission interested in ApeCoin and NFT offerings from BAYC collection
Regulator believes some of the tokens fall into the category of securities
The Securities and Exchange Commission (SEC) has launched an investigation into Yuga Labs for offering unregistered investment products. The regulator insists that NFTs are also securities.

This was reported by Bloomberg, citing an anonymous source. It is likely to be part of a more global investigation by the regulator, which began back in March.

At the time, the SEC declined to clarify the matter. But it appears that the regulator has not abandoned its attempts to take control of the NFT market. Note that the EU is also planning to equate some of the tokens with securities.

As for Yuga Labs, so far it’s just a matter of asking. The SEC has issued a request for reports and documentation, particularly on the distribution of ApeCoin.

Despite the threat of a hefty fine, the company looks at this with optimism and a slight degree of irony:

“Everyone knows that politicians and regulators are eager to learn more about the new world of Web 3. We are trying to work with the authorities and other industry players to form an evolving ecosystem.”

A Commission spokesman declined to comment on the progress of the investigation. We also note that a request from the regulator does not mean the company will be sued.

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