BAYC Creator Yuga Labs Faces Investigation From the SEC
NFTs are not in their best shape now. The whole hype seems to have worn off, which is evident in the notable drop in NFT sales on several NFT marketplaces, including OpenSea. However, the scrutiny over NFTs doesn’t seem to wear off as Yuga Labs faces an investigation from the SEC. Bored Ape Yacht Club ( BAYC ) creator Yuga Labs faces a probe from the US Securities and Exchange Commission (SEC), according to Bloomberg. The investigation is to enquire whether the Bored Ape Yacht Club NFT collection violated federal law. BREAKING: 🇺🇸 SEC launches investigation into Bored Ape Yacht Club creator Yuga Labs. — Watcher.Guru (@WatcherGuru) October 11, 2022 SEC is examining whether BAYC NFTs are securities As per the details from the person familiar with the matter, the SEC is looking into the possibility of whether a few of the NFTs sold by Yuga Labs are similar to securities and whether they should follow similar rules. The SEC is also looking...