Yuga Labs, creator of the Bored Ape Yacht Club, is facing SEC investigation.
According to Bloomberg’s report, the SEC is investigating whether the company violated certain federal laws.
Yuga Labs Is On The SEC’s Radar
The U.S. Securities and Exchange Commission is investigating whether the assets offered by Yuga Labs can be treated like a stock. The regulator has also scrutinized the distribution phase of ApeCoin.
Yuga Labs controls renowned NFT collections such as Bored Ape Yacht Club, CryptoPunks, and Meebits.
The company used the following statements in a statement to The Block on the subject:
“It is known that policy makers and regulators are trying to learn more about the web3 world. We look forward to partnering with regulators to define and shape the emerging ecosystem. As an industry leader, Yuha is committed to fully cooperating with any investigation throughout the process.”
The fact that the SEC has started an investigation does not mean that you will start a legal process for now.
After the news, the value of ApeCoin dropped by approximately 7.5%.
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