NFTs firm Yuga Labs has announced that the US Securities and Exchange Commission (SEC) has concluded its investigation into the company.
In a post published March 3 on X, Yuga Labs stated:
"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."
Bloomberg's initial report in October 2022 revealed the SEC had initiated an investigation into Yuga Labs to assess whether certain NFTs operated in a manner similar to traditional stocks and therefore qualified as securities under US law.
The investigation began during the tenure of former Chairman Gary Gensler and was part of a broader scrutiny of NFTs.