According to Yuga Labs, the SEC has reduced its investigation into the NFT company

Update (March 4, 12:15 p.m. UTC): This article has been updated to add price information on the NFTS of APECOIN and YUGA Labs.

According to Yuga Labs from the US Securities and Exchange Commission, the US security and Exchange Commission have completed its investigation into the company.

“After more than 3 years, the SEC officially completed its investigation in Yuga Labs,” said the company in a post on 3rd X. “This is a great victory for NFTS and all creators that drive our ecosystem.”

“NFTS are not securities,” added.

Bloomberg first reported in October 2022 that the SEC opened an examination in Yuga Labs to determine whether certain NFTs were more of traditional shares and therefore according to securities according to US laws.

The investigation of the regulatory authority began under the former chairman Gary Gensler and was part of a more comprehensive investigation of NFTS -including probes on NFT creators and marketplaces -to see whether some tokens like fractional NFTs were securities.

Yuga Labs was behind some of the most popular and most cheapest NFT collections when the market was at its peak, including the bored Ape Yacht Club and the mutated Ape Yacht Club. It also bought the rights to cryptopunks, an early NFT collection that historically had gained huge sums.

The ground price for the recess of Yuga Labs was bored APE collection had dropped by over 0.5% last day after the company's position to 13.75 ether (Eth), around 29,650 US dollars, according to OpenSea data.

The collection is still over 90% compared to the top price of 153.7 ETH 2022 in May 2022, which would have estimated the cheapest bored monkey -NFT around $ 430,300 as ETH with $ 2,800.

The mutated APE -nfts from Yuga Labs and an NFTS called the company as an apecoin (APE) are also reduced by 95% or more of their 2022 peaks, shows Coingecko. The prices for cryptopers have also declined over 70% compared to the climax of the collection.

The reported examinations of the SEC in Yuga Labs come, since the regulatory authority has facilitated its approach to the crypto industry under the Trump management.

Related: US Crypto Reserve No replacement for SEC clarity – Industry leader

At the end of the last month, the NFT Marketplace OpenSea said that the SEC was closed to the platform, which was created just a few hours after the supervisory authority has been deposited against Crypto Exchange Coinbase.

The SEC dismissed other crypto -related enforcement measures, which it started under Gensler after he also dropped a lawsuit against the crash from Crypto Exchange octopus on March 3..

The Labors Sec and Yuga did not immediately respond to a request for comments.

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