The US Securities and Exchange Commission has officially discontinued its investigation into the company Uga Labs behind the bored apps yacht club NFT collection.
The regulator will not take any enforcement action and has not issued any allegations against the firm. Yuga Labs confirmed the news on X on 3 March 3 posts, called it a “huge victory” for NFT industry and creators. The company said, “There are no NFT securities.”
The SEC began its investigation at Yuga Labs in October 2022, to determine if its NFT collection and apecoin (APE), a token associated with the boys, must be classified as securities under the hovie test. The inquiry was part of a large campaign against NFT under the leadership of former SEC President Gary Gensler, which also targeted NFT markets and partially NFT.
For Uga Labs and large NFT industry, SEC’s decision to close the case without filing any allegations is seen as a major regulator win. The SEC has demolished other investigations involving cryptocurrency companies in recent weeks, which coincide with the decision to terminate the Yuga Labs investigation.
The agency recently settled litigation with coinbase and cracon and concluded the investigation in Openia, Robinhood, Mithun and Uniswap Labs. The market estimates that the regulator shift will have a positive impact on the Bayc NFTS floor price, currently trading around 143.75 ethereum (eth) in May 2022 from the peak of 153.7 eth to more than 90%.
Meanwhile, on March 3, SEC’s Crypto Task Force revealed On the official website of the regulator that it will organize several rounds for the public called “Spring Sprint to Crypto Clarity”. The goal of these rounds is to establish more accurate rules related to digital assets.
The first event, “How V Got here and how we get out – defined the security situation,” is determined from 17:00 to 21:00 UTC on 21 March. This dialogue will detect important issues in Crypto Regulation and indicate how the agency is changing its stance on digital assets.
