The Securities and Exchange Commission has concluded an investigation into Yuga Labs, creator of the boring APE Yacht Club (BAYC) NFT collection, without taking enforcement action, the company said Monday.
Yuga Labs has been under SEC scrutiny since 2022 for whether NFT offerings and Apecoin token distribution violates federal securities laws.
The company welcomed the decision and called it a “big victory” for the NFT industry.
Yuga Labs did not respond immediately Decrypt’s Request a comment. The SEC has yet to answer questions about the reasons behind the closure.
This move is because it appears that the SEC is changing its stance on cryptography.
Over the past few weeks, agents have dropped or stopped lawsuits against major crypto companies, including Coinbase, Binance, Robinhood, Opensea and Uniswap.
The SEC has also set up a task force aimed at replacing the Crypto division with new cyber and emerging technology units and developing clearer regulatory guidelines.
Under CEO Greg Solano, Yuga Labs focuses on expanding encryption and native initiatives.
In February, the company launched Bayc LLC, a subsidiary that provides greater autonomy for the flagship NFT brand.
