Key Points
- Yuga Labs announced that the SEC closed its investigation, marking a win for the NFT ecosystem.
- The regulator dropped various lawsuits and investigations in crypto companies.
Yuga Labs announced early this morning in a post via X that the US SEC has officially closed its investigation into the project after more than three years. Yuga Labs is a platform that shapes the Web3 ecosystem via storytelling, experiences, and communities.
The regulator continues to close investigations and drop lawsuits against crypto companies under the new US administration.
Yuga Labs Official Announcement
Yuga Labs announced that the US SEC has officially closed its investigation into the project, marking a huge win for the NFT ecosystem.
The project also said that this is a victory for all creators that will push the ecosystem forward, highlighting that NFTs are not securities.
The Yuga Labs platform's projects include Bored Ape YC, Cryptopunks NFTs, Otherside Meta, Proof XYZ, Moonbirds, TopTrader XYZ, and TwelveFold.io.
SEC's Investigation Debuted in October 2022
The US regulator kicked off its investigation into Yuga Labs in October 2022 when the team faced a probe from the SEC.
Back then, Yuga Labs told Bloomberg that the project was fully committed to cooperating with any inquiries from the regulator along the way.
The team behind Yuga Labs also said that it's a known fact that policymakers and regulators have wanted to learn more about the new Web3 ecosystem, and they hoped to partner with the rest of the industry and regulators as well, to define and shape the industry.
US SEC Drops Crypto Investigations
The US SEC's latest move comes amidst more optimistic news for the crypto industry.
Recently, the SEC dropped its lawsuit against Coinbase, and closed investigations into other crypto projects including Uniswap, Robinhood, Gemini, OpenSea, Kraken, and others.
The regulator has a more crypto-friendly approach under the new Trump administration in the US, recently highlighting that memecoins are not securities.
