The US Securities and Exchange Commission has closed its investigation into Yuga Labs, the maker of the Bored Ape Yacht Club (Bayc) NFT collection, without taking enforcement actions, the company said Monday.
Since 2022, Yuga Labs was under control of whether his NFT offers and Apecoin Token Distribution violated the federal securities laws.
The company welcomed the decision and called it a “huge victory” for the NFT industry.
Yuga Labs did not respond immediately Decrypts Request for comments. The SEC has to answer questions about the reasoning behind its closure.
The move comes when the sec seems to change its regulatory position on the crypto.
In recent weeks, the agency has dropped off or suspended against large crypto companies, including Coinbase, Binance, Robinhood, OpenSea and Uniswap.
The SEC has also replaced its crypto division with a new cyber and emerging technologies unit and a task force formed that focused on developing clearer guidelines for the regulations.
Yuga Labs, under CEO Greg Solano, has focused on expanding his crypto-native initiatives.
In February, the company Bayc LLC, a subsidiary, launched to offer greater autonomy for its flagship NFT brand.