No products in the cart.
Yuga Labs has seen asset values linked to brand declines following news of an SEC investigation into whether it violated federal law.
Bored Ape, ApeCoin and Other Tanks
Bored Ape lowest price fell 3.31% to 73 ETH ($94,947) in the last 24 hours. A good collection had lost more than 6% of its value on a 7-day basis.
Mutant Ape’s lowest price is under 2.7% of this period is 14 ETH ($18,200). On the 7-day index, its value increased by 2.89%.
The price floors of other NFTs associated with Yuga Labs, such as CryptoPunks and Meebits, also fell by 0.15% and 2.18% respectively.
Meanwhile, ApeCoin (APE), the governance and utility token of the Bored Ape ecosystem, is down 7%, trading at $4.76.
SEC Investigating Yuga Labs
bloomberg The SEC has reported that it is investigating whether Yuga Labs violated federal securities laws in selling NFTs.
The SEC is considering whether NFTs issued by the company should follow the same rules because they resemble stocks, according to the report. Regulators were also investigating whether ApeCoin qualifies as a security.
The report noted that the SEC may have asked for more clarity about the space, and that there were no allegations of wrongdoing.
Yuga Labs reportedly said:
It is well known that policy makers and regulators want to know more about the new world of web3. We want to partner with the rest of the industry and regulators to define and shape the burgeoning ecosystem. I think.”
Meanwhile, the cryptocurrency community has criticized the SEC’s regulation of its enforcement approach to the industry. Regulators are currently embroiled in several lawsuits against cryptocurrency companies, alleging they broke securities laws with their assets.
