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APE Fell 9% Following News Of Yuga Labs Being Investigated By SEC
Summary: According to Bloomberg, Yuga Labs, the team behind the Bored Ape Yacht Club NFT, is facing an investigation by the U.S. Securities and Exchange Commission (SEC) into whether the sale of some of its products violated federal law. Regulators are examining whether certain assets should follow the same rules as stocks, as well as the ...
According to Bloomberg, Yuga Labs, the team behind the Bored Ape Yacht Club NFT, is facing an investigation by the U.S. Securities and Exchange Commission (SEC) into whether the sale of some of its products violated federal law.
Regulators are examining whether certain assets should follow the same rules as stocks, as well as the distribution of APEcoin (APE) associated with collectibles, the report said.
Yuga has not been charged with wrongdoing, and the SEC's investigation does not mean the agency will sue the company. The price of APEcoin was down 9% at press time following the Bloomberg report.
In a statement to Bloomberg, Yuga said: "It’s well-known that policymakers and regulators have sought to learn more about the novel world of Web3. 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.”
By Mary Liu
Tags: APEcoin,Bored Ape Yacht Club,SEC,Yuga Labs
Link: APE Fell 9% Following News Of Yuga Labs Being Investigated By SEC [Copy]
