The U.S. Securities and Exchange Commission has closed its investigation into Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFT collection, without taking enforcement action, the company said on Monday.
Yuga Labs had been under SEC scrutiny since 2022 over whether its NFT offerings and ApeCoin token distribution violated federal securities laws.
The company welcomed the decision, calling it a “huge win” for the NFT industry.
Yuga Labs did not immediately respond to Decrypt’s request for comment. The SEC has yet to answer questions on the reasoning behind its closure.
The move comes as the SEC appears to be shifting its regulatory stance on the crypto.
In recent weeks, the agency has dropped or suspended cases against major crypto firms, including Coinbase, Binance, Robinhood, OpenSea, and Uniswap.
The SEC has also replaced its crypto division with a new Cyber and Emerging Technologies Unit and formed a task force aimed at developing clearer regulatory guidelines.
Yuga Labs, under CEO Greg Solano, has focused on expanding its crypto-native initiatives.
In February, the company launched BAYC LLC, a subsidiary to provide greater autonomy for its flagship NFT brand.
