Today, the SEC announced it would be investigating Yuga Labs, the company behind Bored Ape Yacht Club.
According to Bloomberg, the SEC is seeking to determine whether Yuga’s NFTs should be subject to the rules of securities.
Projects released by Yuga Labs include:
- Bored Ape Yacht Club
- Mutant Ape Yacht Club
- CryptoPunks (Acquired in March 2022)
- Ape Coin
Ape Coin is the company’s cryptocurrency which launched earlier this year. Ape Coin has dropped about 9% in the past hour on the news.
The SEC is looking into how ApeCoins were distributed to holders of Yuga Labs NFTs and if the distribution method violated any securities laws.
This is a developing story and will be updated as new information is released.