SEC Investigating Yuga Labs Over Potential Securities Violations

The U.S. Securities and Exchange Commission (SEC) is probing Yuga Labs over whether sales of some of its NFTs violate federal law, Bloomberg reports. The SEC is looking into whether certain NFTs could be treated more like stocks and therefore should follow the same rules. It is also looking at the distribution of ApeCoin. Yuga Labs said that it's “committed to fully cooperating with any inquiries along the way.”

According to TokenInsight data, $APE price dropped 9.26% over the last 24 hours, trading at $4.7280 now.