According to the ApeCoin website, Yuga Labs is a member of the ApeCoin DAO and will use APE as the main token across its future endeavors.
The U.S. Securities and Exchange Commission (SEC) investigation into Yuga Labs is reportedly part of a larger probe into the nonfungible token (NFT) market, which was revealed in March.
According to a Bloomberg report on Oct. 11, an SEC investigation is looking into whether certain NFTs are “more akin to stocks” and whether the sales of certain digital assets violate federal laws.
We understands that the investigation is part of the ongoing SEC crackdown on NFTs, which is looking at whether certain NFTs and fractional NFTs may be subject to federal securities laws.
Bloomberg reported in March that the SEC was investigating whether certain nonfungible tokens and marketplaces are being used to raise money like traditional securities.
The SEC has not yet responded to Our request for comment.
“We hope to partner 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 inquiries along the way.”
“It’s well-known that government officials and regulators have been interested in Web3,” stated a Yuga Labs representative.
Bloomberg reports that the regulator is also looking into the distribution of ApeCoin, which was distributed to the holders of Bored Ape Yacht Club (BAYC) and other NFTs.
The Anon news group makes numerous allegations against Yuga Labs and the Bored Ape Yacht Club.
According to the ApeCoin website, Yuga Labs is a member of the ApeCoin DAO and will use APE as its main token across its new projects.