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SEC Wraps Up Probe: Yuga Labs' NFTs Cleared of Violations

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by Giorgi Kostiuk

4 hours ago

The SEC has concluded its investigation into Yuga Labs, examining whether their NFTs and ApeCoin violated federal securities laws.

SEC Investigation Initiation

In October 2022, the SEC opened an investigation into Yuga Labs to determine whether their NFTs and ApeCoin qualify as securities, applying the Howey Test to assess the status of these digital assets.

Yuga Labs in the NFT World

Founded in 2021, Yuga Labs gained fame with its popular NFT collections, such as Bored Ape Yacht Club. By 2022, the company secured $450 million in funding, reaching a $4 billion valuation.

SEC's Shift in Crypto Industry Stance

The SEC's decision to close the case against Yuga Labs aligns with its broader softening stance towards the crypto industry, having recently dropped investigations against several major crypto companies including Robinhood and OpenSea.

The SEC has closed its investigation into Yuga Labs without charges, highlighting the regulator's shifting attitude towards the crypto industry.

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