SEC Launches Probe Into Yuga Labs Over BAYC NFT Sales

• The commission is also looking into the ApeCoin distribution.
• The 24-hour floor price of BAYC NFTs has dropped by almost 3%.

In an effort to exert more control over the digital assets sector, the US Securities and Exchange Commission (SEC) has decided to increase regulatory oversight. The Commission has accused specific companies, tokens, and markets of participating in illicit activity. But well-known NFTs could not slip through its grasp this time.

US regulators reportedly accuse Yuga Labs, the business behind Bored Ape Yacht Club (BAYC), of illegally profiting from the sale of BAYC digital assets. The commission will look into whether or not some NFTs issued by Yuga Lab are comparable to stocks and hence subject to the same disclosure requirements.

Floor Prices Decline

In the meanwhile, the commission is also looking into the ApeCoin distribution that was just released. Tokens were distributed to those who already owned BAYC or NFTs.

There has been a little decrease in the floor price of Bored Ape Yacht Club NFTs and the price of ApeCoin since the news broke. However, the numbers imply that neither digital asset has done very well in recent weeks or months.

The 24-hour floor price of BAYC NFTs has dropped by almost 3%. However, it has fallen 27% throughout the last three months. The minimum price is currently set at 73 ETH.

But during the last day, the value of ApeCoin decreased by almost 8%. As of this writing, the average price of APE is $4.73. Over the previous 30 days, its price has plummeted by 14%. However, its 24-hour trading volume is now $340 million, an increase of 130%.

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