The U.S. Securities and Alternate Fee has closed its investigation into Yuga Labs, the creator of the Bored Ape Yacht Membership (BAYC) NFT assortment, with out taking enforcement motion, the corporate stated on Monday.
Yuga Labs had been beneath SEC scrutiny since 2022 over whether or not its NFT choices and ApeCoin token distribution violated federal securities legal guidelines.
The corporate welcomed the choice, calling it a “big win” for the NFT business.
Yuga Labs didn’t instantly reply to Decrypt’s request for remark. The SEC has but to reply questions on the reasoning behind its closure.
The transfer comes because the SEC seems to be shifting its regulatory stance on the crypto.
In current weeks, the company has dropped or suspended circumstances towards main crypto corporations, together with Coinbase, Binance, Robinhood, OpenSea, and Uniswap.
The SEC has additionally changed its crypto division with a brand new Cyber and Rising Applied sciences Unit and shaped a process drive aimed toward growing clearer regulatory tips.
Yuga Labs, beneath CEO Greg Solano, has targeted on increasing its crypto-native initiatives.
In February, the corporate launched BAYC LLC, a subsidiary to supply higher autonomy for its flagship NFT model.
