Yuga Labs also escapes from SEC investigation: ”NFTs are not securities”

The U.S. Securities and Exchange Commission (SEC) has dropped its investigation into NFT company Yuga Labs, which it had been conducting since the end of 2022.
NFT giant YugaLab announced through X that the SEC's investigation into the company has officially ended, saying, "After more than three years of investigation, the SEC
"The ICO has officially concluded its investigation into Yuga Labs. This is a huge win for NFTs and all creators growing our ecosystem."
He also emphasized that "NFTs are not securities." In October 2022, Bloomberg reported that the SEC had found that some NFTs are similar to traditional stocks and therefore cannot be considered securities under the U.S. securities law.
The investigation was led by former SEC Chairman Gary Gensler.
The investigation, launched under the Gensler umbrella, is part of a broader investigation into the NFT industry, including NFT creators and marketplaces, and specifically examines the nature of some NFTs, such as fractional NFTs.
YugaLab was in the process of considering whether T was a security. YugaLab released the most popular and highest-priced NFT collection when the NFT market was at its peak.
The company's representative collections include Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht
Club (MAYC), and also acquired ownership of CryptoPunks, one of the first NFT collections recognized for its high value.
News of the SEC dropping its investigation into YugaLab comes amid a recent wave of regulators softening their stance on the cryptocurrency industry.
Late last month, NFT marketplace OpenSea also announced that the SEC had closed its investigation into the company.
The move comes hours after the SEC dropped some of its cryptocurrency-related legal actions brought under President Gary Gensler's administration.
On the 3rd, it also dropped its lawsuit against cryptocurrency exchange Kraken.