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  • Writer's pictureKyle

The SEC Is Investigating Yuga Labs, According To Bloomberg News

The Securities and Exchange Commission is investigating the Bored Ape Yacht Club’s parent company Yuga Labs for securities violations, according to Bloomberg news.

On Tuesday, Bloomberg’s Matt Robinson reported that the SEC is investigating Yuga Labs on several different fronts.

“The SEC is examining whether certain nonfungible tokens from the Miami-based company are more akin to stocks and should follow the same disclosure rules, according to a person familiar with the matter, who asked not to be named because the probe is private,” Robinson wrote. “Wall Street’s main regulator is also examining the distribution of ApeCoin, which was given to holders of Bored Ape Yacht Club and related NFTs. The cryptocurrency was created in part for web3, a vision of a decentralized internet built around blockchains.”

Robinson went on to note that “Yuga Labs hasn’t been accused of any wrongdoing and that opening of an SEC probe doesn’t mean the agency will sue the firm”

In the article, Robinson quoted a Yuga Labs spokesperson who said that the company is cooperating with investigators and that they look forward to moving the Web-3 space forward.

“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 said in a statement to Bloomberg News. “As a leader in the space, Yuga is committed to fully cooperating with any inquiries along the way.”

The Bored Ape Gazette will continue to follow this story and will let you know when more information becomes available.

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