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Sam Bankman-Fried FTX securities-and-exchange-gb3dbaada0_1280

SEC Puts NFT Conglomerate Yuga Labs Under The Microscope

Taylor Scott
by Taylor Scott
2 years ago
·
Posted in Altcoin News, Altcoins, Breaking News, Breaking News Ticker, NFT
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The SEC is shifting its sights towards NFTs, according to emerging reports hitting the wire on Tuesday. The U.S. regulator is apparently looking into whether to deem NFTs as securities and is exploring whether or not the sale of the NFTs violates federal law, including a specific look into Yuga Labs’ ApeCoin distribution.

Let’s review what we know in the early hours, and what sort of impact this latest news could have on the NFT market at large.

The SEC Goes NFT

The news was first let loose via Bloomberg’s crypto team and the signature Bloomberg Terminal. The U.S. Securities and Exchange Commission (SEC) has long explored NFTs with little firm statements to result, but that could change pending the evolution of this latest news.

According to the Bloomberg report, the SEC is looking into whether Yuga Labs-issued assets are “more akin to stocks and should follow the same disclosure rules,” which could leave the NFT sphere with massive implications. However, no charges seem imminent, and Yuga Labs has expressed a vocal desire to work with regulators to come to amicable resolutions, with a Yuga rep telling Bloomberg:

“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.”

ApeCoin (APE) took a notable hit after news that the SEC was looking into Yuga Labs activity. | Source: APE-USD on TradingView.com
Related Reading: Terra Founder Do Kwon Is Still Cashing Out, But Not With Bitcoin

Times Are Changin’ Around Here

The SEC has not yet commented on the matter, and Yuga Labs’ ApeCoin has taken a hit upon the news. The report follows not long after vocal NFT community member and creator of Solana-based powerhouse project DeGods, Frank, teased “big changes” coming to NFTs; DeGods and other subsidiary projects have since shifted to a 0% royalty model, but could Frank have been teasing potential regulatory changes, too?

It’s impossible to say, but regulatory crackdowns on NFTs will undoubtedly dampen an already beaten down market in NFTs.

Related Reading: Temple DAO Exploited For $2M
Featured image from Pixabay, Charts from TradingView.com

The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Taylor Scott

Taylor Scott

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Taylor specializes in crypto activity across sports and entertainment. With nearly a decade of engagement with cryptocurrency, Taylor has spent several years working in talent representation with musicians, comedians, and speakers, and achieved a Sports Business MBA in 2020.

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