ApeCoin (APE) is trending to the downside as the U.S. Securities and Exchange Commission (SEC) announces an investigation against its parent company, Yuga Labs. The creators of popular non-fungible token (NFT) collections, including Bored Ape Yacht Club (BAYC), the regulator will look into a potential violation of their securities laws.
According to a report from Bloomberg, the Commission will investigate the “affinity” of the digital assets minted and promoted by Yuga Labs and the possibility that these NFTs are “more akin to stocks”. This would place the crypto company in an alleged violation of U.S. federal law.
The report quotes a source familiar with the matter, this individual also claims that the investigation will extend to ApeCoin, the native token that supports ApeCoin DAO governance model offering its users access to a staking mechanism. Via this token, holders can make decisions related to the project.
APE was launched as part of an initiative to provide BAYC investors...
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