The non -developing token (NFT) congloma of the Yuga Labs said the US Securities and Exchange Commission closed its investigation into the company.
“After 3+ years, SEC has officially closed its investigation into Yuga Labs,” the company Says In a 3 x post post. “This is a big win for NFTs and all the creators that drive our ecosystem forward. NFTs are not security.”
Bloomberg first reported in October 2022 that the SEC Opened an investigation into the Yuga lab To determine if some NFTs are more like traditional stock and, therefore, Security under US laws.
Source: Yuga labs
The regulator’s investigation began under former chairman Gary Gensler and part of a broader investigation of NFTs – which included probes to NFT creators and markets – to see if some, such as Fractional Nftsare security.
The Yuga Labs are behind some of the most popular and high -price NFT collections when the market is at its peak, including the bored Yacht Club and Mutant Ape Yacht Club. It also bought the rights to cryptopunks, an early NFT collection with history that captured a large sum.
The reported SEC’s abandoned investigation into the Yuga Labs arrived as the regulator set its approach to the crypto industry under the Trump administration.
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Late last month, the NFT Marketplace Opensea said the SEC Closed its investigation On the platform, which arrived just hours after the regulator dropped the lawsuit against the Crypto Exchange Coinbase.
The SEC has removed other crypto -related actions it launched under the former chair Gensler, who also has dropped a year’s suits Against the Crypto Exchange Kraken on March 3.
Cointelegraph contacted the SEC and Yuga labs for comment.
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