SEC Investigating Bored Ape NFT Creator Over Unregistered Asset Offering
Source: AdobeStock / Andriy Blokhin The U.S. Securities and Exchange Commission (SEC) has launched a probe into Yuga Labs, the entity behind the popular NFT collection Bored Ape Yacht Club, over the sale of its NFTs and digital tokens. The regulatory agency is investigating whether some Yuga Labs NFTs are akin to stocks and should follow the same disclosure rules, Bloomberg reported, citing someone familiar with the matter who asked not to be named because the probe is private. Furthermore, the SEC is examining Yuga Lab's distribution of ApeCoin, the Bored Ape Yacht Club-affiliated cryptocurrency that is poised to become the native currency of Otherside, a metaverse game from Yuga Labs. “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,” Yuga Labs said in response....