The Securities and Exchange Commission has officially closed its investigation of Yuga Labs, the company behind the boring APES Yacht Club NFT collection.
The regulator has not taken enforcement action or issued claims against the company. Yuga Labs confirmed the news in a March 3rd post on X, calling it a “big victory” for the NFT industry and creators. The company added, “NFT is not a securities.”
The SEC began probes to Yuga Labs in October 2022 to determine whether Apecoin (APE), a token linked to NFT collection and Bayc, should be classified as a securities based on the Howey Test. The study is part of a larger campaign against NFTs led by former SEC Chair Gary Gensler, covering the NFT market and fractionated NFTs.
In the case of Yuga Labs and the large NFT industry, the SEC's decision to close the lawsuit without filing a claim is considered a victory for key regulators. The SEC has stopped doing other investigations involving cryptocurrency companies in recent weeks. This is consistent with Yuga Labs' decision to enter into an investigation.
The agency recently settled a lawsuit with Coinbase and Kraken and concluded an investigation of Opensea, Robinhood, Gemini and Uniswap Labs. The market expects changes in regulations to have a positive impact on BAYC NFTS floor prices, which currently trades 13.75 Ethereum (ETH).
Meanwhile, on March 3, the SEC's Cryptographic Task Force announced on the official regulator's website that it would be releasing a number of roundtables called “Spring Sprint for Crypto Clarity.” The goal of these roundtables is to establish more accurate rules for digital assets.
The first event, “How We Come Here and How We Get Out – Security Status Definition,” is set at 17:00 to 21:00 UTC on March 21st. These consultations explore key issues in cryptographic regulation and show how agents are changing their stance on digital assets.
