A source familiar with the matter said the SEC is looking into whether certain Yuga Labs NFTs could be “more stock-like.”
Various sources say that the United States Securities and Exchange Commission (SEC) investigation into Yuga Labs is actually part of a larger investigation into the non-fungible token (NFT) market, which already came to light in March. .
On October 11, a Bloomberg note citing a source “familiar with the matter” said that The SEC is investigating Yuga Labs on whether certain NFTs are “more akin to stocks” and whether sales of certain digital assets violate federal law.
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However, the Cointelegraph team understands that The investigation is part of the SEC’s open proceeding into the broader market for NFTs. which is studying whether certain whole and fractional NFTs could fall under federal securities laws.
In March, anonymous sources told Bloomberg that the SEC was investigating NFT creators and markets to determine if “certain non-fungible tokens […] are being used to raise money as if they were traditional securities.
Cointelegraph has contacted the SEC for comment, but has not received an immediate response.
Meanwhile, Yuga Labs seems to be looking on the bright side of things. In a statement to Cointelegraph he said:
“It is well known that policy makers and regulators have wanted to learn more about the new world of Web 3.0,” said a Yuga Labs spokesperson.
“We look forward to partnering with the rest of the industry and regulators to define and shape the burgeoning ecosystem. As a leader in the space, Yuga is committed to fully cooperating with any queries along the way.”
Bloomberg also reported that The regulator is examining the distribution of ApeCoin, which was given to holders of a piece of the Bored Ape Yacht Club (BAYC) and other NFT collections.
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According to the ApeCoin website, Yuga Labs is a member of the ApeCoin DAO community and will adopt APE as the main token in its new projects.
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