The U.S. Securities and Exchange Commission has closed its investigation into prominent NFT company Yuga Labs, the firm said.
"After 3+ years, the SEC has officially closed its investigation into Yuga Labs. This is a huge win for NFTs and all creators pushing our ecosystem forward," Yuga Labs wrote on X. "NFTs are not securities."
In recent days, the SEC has withdrawn its investigations into a number of prominent crypto-related companies, including Robinhood, Gemini, UniSwap Labs, Consensys-owned MetaMask, and OpenSea, and has settled cases with Coinbase and Kraken. The SEC is also moving towards settling its case against TRON's Justin Sun.
"The Cyber and Emerging Technologies Unit will root out those seeking to misuse innovation to harm investors, including fraud involving blockchain technology and crypto assets," the SEC said in its statement announcing the dismissal of its lawsuit against Coinbase.
The SEC originated its probe into Yuga Labs in October 2022.
"It’s well-known that policymakers and regulators have sought to learn more about the novel world of web3. We hope to partner with the rest of the industry and regulators to define and shape the burgeoning ecosystem," Yuga Labs told The Block at the time.
The SEC's long-standing lawsuit against Ripple remains in active litigation, however. President Donald Trump recently named XRP as one of the coins to be included in his proposed Crypto Strategic Reserve, alongside Cardano, Solana, Bitcoin and Ethereum.
The price of ApeCoin, a token associated with the Bored Ape Yacht Club ecosystem, is down 16% in the past 24 hours amid a broader market pullback, according to The Block's ApeCoin Price page.
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