Yuga Labs, creator of the Bored Ape Yacht Club (BAYC), faces an investigation from the U.S. Securities and Exchange Commission (SEC), according to reports. Bloomberg The investigation involved whether the Bored Ape Yacht Club NFT collection violated federal law.
According to details from a person familiar with the matter, the US SEC is considering the possibility that some NFTs sold by Yuga Labs are similar to securities. And should similar rules be followed?
The US SEC investigation included how ApeCoin was distributed to owners of Bored Ape Yacht Club and related NFTs. However, the investigation did not prove that Yuga Labs had committed any wrongdoing.
“It is well known that policy makers and regulators Trying to learn more about the new world of web3, we look forward to partnering with the rest of the industry and regulators. To shape a growing ecosystem.” “Yuga, as a leader, we are committed to fully cooperating with any inquiries along the way,” Yuga said in a statement.
refer : LINK
The post Yuga Labs, the creator of BAYC, is being investigated by the US SEC for being a securities issue, appear first on Bitcoin Addict.