The US Securities and Exchange Commission (SEC) suspects Yuga Labs Inc of violating US federal laws in trading Bored Ape Yacht Club NFT collection and distributing ApeCoin tokens.
The regulator will check whether Yuga Labs tokens are securities. If Bored Ape Yacht Club falls under this concept, then the company was obliged to disclose reliable information to customers. In addition, the Commission will study the distribution of ApeCoin tokens, partly created to implement the collection in Web3, among NFT holders. The company noted that the SEC has not yet accused Yuga Labs of violating the US Securities Act, and a public investigation does not mean that the regulator will sue:
“Politicians and regulators are eager to learn more about the new world of Web3. We look forward to working with the rest of the industry and regulators to define and shape a growing ecosystem. As a leader in this field, Yuga Labs is committed to full cooperation with any request along the way.”
The US Securities and Exchange Commission has not yet commented on the investigation launched against Yuga Labs. During the bearish trend in the market, many of the problems of the crypto industry were exposed, and regulators increased their control over the industry. The lack of unified legislation on the regulation of digital assets and the adoption of separate rules create even more opportunities for excesses on the part of the supervisory authorities.
At the beginning of the month, the SEC accused the cryptocurrency companies Arbitrade and Cryptobontix of fraud and organizing a “pump and dump” scheme using the Dignity (DIG) cryptocurrency. A FOX Business reporter recently suggested that SEC chief Gary Gensler violated protocol in the Kim Kardashian case in order to earn points as a treasury secretary nominee.
Source: Bits
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