The U.S. Securities and Exchange Commission (SEC) has ended its investigations into Yuga Labs without taking any legal actions after extensive reviews. Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) collection, has been under SEC scrutiny since 2022 to determine if the company’s activities in the NFT space and ApeCoin token distribution comply with federal securities laws. Yuga Labs hailed this decision as a significant victory for the NFT industry, asserting that NFTs do not fall under securities. Following this news, the floor price of Bored Ape Yacht Club collection on the OpenSea platform saw a 3.8% growth, although it remains 91% lower than its historical peak in the past three years. This SEC decision aligns with the recent shift in the regulatory approach of this oversight body towards the digital asset industry.
