Yuga Labs announced the closure of the SEC investigation, marking an important step for the NFT ecosystem.
Yuga Labs Official Announcement
Yuga Labs announced that the US SEC has officially closed its investigation into the project, which is considered a major win for the NFT ecosystem. The project also stated that this is a victory for all creators, pushing the ecosystem forward, and emphasized that NFTs are not securities.
SEC’s Investigation Debuted
The investigation started in October 2022 when the team faced a probe from the SEC. At that time, Yuga Labs told Bloomberg that they were fully committed to cooperating with the regulator and hoped to partner with the industry and regulators to define and shape the Web3 ecosystem.
US SEC Drops Crypto Investigations
The recent actions of the SEC indicate more positive news for the crypto industry. The regulator has closed investigations against Coinbase and other projects, including Uniswap, Robinhood, Gemini, OpenSea, and Kraken, demonstrating a more crypto-friendly approach.
The closure of the SEC investigation into Yuga Labs highlights the regulator's new approach to the cryptocurrency industry.
