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SEC Probes Bored Ape Sale

Bloomberg says the SEC is currently examining the Bored Ape Yacht Club NFT collection.

By Luc Vesters
• 1 min read
SEC Probes Bored Ape Sale

According to Bloomberg, the Securities and Exchange Commission (SEC) is currently examining the Bored Ape Yacht Club (BAYC) NFT collection. The sale of the unique ape tokens is said to violate federal law, according to the source. It also notes there is some debate about whether some of Yuga Labs' digital assets resemble equities. If that is the case, the same disclosure rules as for securities would apply.

"We hope to work with the rest of the industry and regulators to define and shape the emerging ecosystem," the NFT company told Bloomberg.

It adds that they, as a "leading market player, want to fully cooperate with all investigations." As the associated cryptocurrency is also set to be scrutinized further, ApeCoin's price has fallen by nearly 8 percent. There is currently no regulatory framework for crypto assets. With the Ripple example, a ruling is needed quickly. Yuga Labs announced last week they were forming a community council.

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