The firm has reportedly pledged to cooperate with the regulator.
The United States Securities and Exchange
Commission (SEC) has reportedly launched an investigation into Yuga Labs Inc.,
to determine whether the firm’s Bored Ape Yacht Club (BAYC) non-fungible
tokens (NFT) are securities.
Bloomberg in a report cited a source familiar
with the enquiry as saying that the US financial markets regulator wants to
determine if the digital asset company’s sale of its NFTs should have been
subjected to the same disclosure requirements required of firms that offer stocks to the public.
The SEC in its rules and regulations
require securities firms to disclose and share market-related information when
new securities such as stocks and bonds are issued to the public.
Bloomberg reports that while Yuga Labs has not
been accused of violating any laws, the probe could determine whether the
firm’s offering of the BAYC NFTs contrived federal securities law.
The BAYC, which as of this year is worth over
US$1 billion, was minted on April 20, 2021, and was launched for pre-sale three
days later by Yuga Labs. The NFT collection was built on the Ethereum
blockchain.
The probe is also seeking to determine if Yuga
Labs’ launch of ApeCoin in March violates any federal laws and if the native
cryptocurrency passes as an unregistered security.
Sections 3 and 4 of the US Securities Act of
1933 (as amended) provide for certain securities and specific transactions in
securities to be offered for sale without registration with the SEC.
The outlet reports that Yuga Labs has pledged
cooperation with the SEC and looks forward to future
collaborations with other regulators.
As of the time of filing this report,
CoinMarketCap reports that ApeCoin has gone down 7.79% in the last 24 hours.
“The live ApeCoin price today is $4.75 USD with
a 24-hour trading volume of $344,818,255 USD,” the crypto asset price tracking
firm wrote on its website.
Case against Ripple
The SEC’s focus on Yuga Labs comes on the heels of
the regulator’s probes into NFT markets to determine if some of the assets can
be categorized as securities.
Earlier in the year, the agency’s enforcement
lawyers sent out queries and subpoenas on the matter to digital asset
companies.
Meanwhile, the SEC has been battling
with Ripple Labs Inc., a
blockchain company, claiming its native cryptocurrency, XRP, can be categorized
as a security.
In April, Ripple claimed ‘a
very big win’ against the SEC after a
US Judge, Sarah Netburn, denied a request by the markets supervisor to the court to reconsider shielding documents in which William Hinman, its former
Director of the Division of Corporation Finance, admitted that Bitcoin and
Ether cannot be categorized as securities.
The United States Securities and Exchange
Commission (SEC) has reportedly launched an investigation into Yuga Labs Inc.,
to determine whether the firm’s Bored Ape Yacht Club (BAYC) non-fungible
tokens (NFT) are securities.
Bloomberg in a report cited a source familiar
with the enquiry as saying that the US financial markets regulator wants to
determine if the digital asset company’s sale of its NFTs should have been
subjected to the same disclosure requirements required of firms that offer stocks to the public.
The SEC in its rules and regulations
require securities firms to disclose and share market-related information when
new securities such as stocks and bonds are issued to the public.
Bloomberg reports that while Yuga Labs has not
been accused of violating any laws, the probe could determine whether the
firm’s offering of the BAYC NFTs contrived federal securities law.
The BAYC, which as of this year is worth over
US$1 billion, was minted on April 20, 2021, and was launched for pre-sale three
days later by Yuga Labs. The NFT collection was built on the Ethereum
blockchain.
The probe is also seeking to determine if Yuga
Labs’ launch of ApeCoin in March violates any federal laws and if the native
cryptocurrency passes as an unregistered security.
Sections 3 and 4 of the US Securities Act of
1933 (as amended) provide for certain securities and specific transactions in
securities to be offered for sale without registration with the SEC.
The outlet reports that Yuga Labs has pledged
cooperation with the SEC and looks forward to future
collaborations with other regulators.
As of the time of filing this report,
CoinMarketCap reports that ApeCoin has gone down 7.79% in the last 24 hours.
“The live ApeCoin price today is $4.75 USD with
a 24-hour trading volume of $344,818,255 USD,” the crypto asset price tracking
firm wrote on its website.
Case against Ripple
The SEC’s focus on Yuga Labs comes on the heels of
the regulator’s probes into NFT markets to determine if some of the assets can
be categorized as securities.
Earlier in the year, the agency’s enforcement
lawyers sent out queries and subpoenas on the matter to digital asset
companies.
Meanwhile, the SEC has been battling
with Ripple Labs Inc., a
blockchain company, claiming its native cryptocurrency, XRP, can be categorized
as a security.
In April, Ripple claimed ‘a
very big win’ against the SEC after a
US Judge, Sarah Netburn, denied a request by the markets supervisor to the court to reconsider shielding documents in which William Hinman, its former
Director of the Division of Corporation Finance, admitted that Bitcoin and
Ether cannot be categorized as securities.
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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