While the “crypto winter” seems to have frozen cryptocurrency prices in place, the United States Securities and Exchange Commission (SEC) is watching. She would have indeed turned her gaze to Yuga Labs, the company that manages the collection of non-fungible tokens (NFTs) of the Bored Ape Yacht Club (BAYC). What is the latter risking?
Bored Ape Yacht Club reportedly under SEC investigation
According to Bloomberg, which reports the news, the SEC has launched an investigation into Yuga Labs and the Bored Ape Yacht Club. The reason is now well known to the ecosystem: the financial policeman wants to determine if NFTs are financial securitiessimilar to actions for example.
As the source interviewed, who wished to remain anonymous, points out, the SEC investigation will not necessarily be followed by a legal procedure. But the terms used may cause Yuga Labs to fear some legal concerns, such as those currently facing Ripple (XRP).
👉 To learn more, read our guide on non-fungible tokens (NFTs)
Officially, Yuga Labs remains measured, however, with a particularly sober press release:
“It is well known that policy makers and regulators are looking to learn more about the new world of Web3. We hope to partner with the rest of the industry and regulators to define and shape this nascent ecosystem. »
The company also confirms that it wishes ” cooperate fully” to any investigations to which it may be subject.
👉 To go further – What is Web3, this decentralized version of the Internet?
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Yuga Labs expected this?
The investigation is basically no big surprise: the scale of Yuga Labs, and the Bored Ape Yacht Club in particular, was going to catch the eye of the SEC at one point or another.
We note, however, that the American financial policeman seems to be preparing for some major movements. A month ago, Gary Gensler, the chairman of the SEC, clarified his position:
“Of the almost 10,000 tokens in the crypto market, I think that the vast majority are financial securities. »
To be continued, but there is no doubt that Yuga Labs has prepared internally for this type of event.
👉 Read also – All exchanges in the United States would be the target of an investigation by the SEC
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Source: Bloomberg
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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