Bloomberg reports SEC probe into Yuga Labs

The US Securities and Exchange Commission (SEC) has opened an investigation into Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFT collection. Bloomberg reports, citing sources.

The regulator is reportedly examining whether certain non-fungible tokens can be treated as securities and, consequently, whether there are any violations of federal law. According to sources, the SEC is also interested in the distribution of the ApeCoin (APE) token.

According to the publication, the agency has not yet charged Yuga Labs with any specific violations. The Commission declined to comment.

A Yuga Labs spokesperson told Bloomberg News that the company is committed to coordinating with industry and regulators to foster a growing ecosystem.

“As a leader in this space, Yuga is committed to fully cooperating with any requests along this path,” he emphasized.

The APE token reacted to the news with a sharp drop. In the past 24 hours the asset fell 8.1%, according to CoinGecko.

In March, Bloomberg sources said that the SEC began work on determining whether NFTs qualify as securities and the applicability of the relevant laws to them.

Back in July, the law firm Scott+Scott decided to file a class-action lawsuit against Yuga Labs, accusing the company of pumping the NFT and the APE token.

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