TLDR

• The SEC has officially closed its investigation into Yuga Labs after 3+ years with no charges
• Yuga Labs is the company behind popular NFT collections including Bored Ape Yacht Club and CryptoPunks
• The investigation was examining whether certain NFTs could be classified as securities
• This decision comes amid multiple SEC case closures in the crypto sector under new Trump administration leadership
• Despite this win, Yuga Labs’ NFT collections are still down 70-95% from their 2022 peak prices

The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into Yuga Labs, the company behind popular NFT collections like Bored Ape Yacht Club and CryptoPunks. The probe, which began in late 2022, ended with no charges filed against the company.

Yuga Labs announced the news on March 3 through a post on X. “After 3+ years, the SEC has officially closed its investigation into Yuga Labs,” the company wrote. “This is a huge win for NFTs and all creators pushing our ecosystem forward.”

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. NFTs are not securities.

— Yuga Labs (@yugalabs) March 3, 2025

The company added firmly: “NFTs are not securities.” This statement addresses the core issue of the investigation, which sought to determine if certain NFTs should be treated as traditional securities under U.S. law.

The SEC first launched its probe into Yuga Labs in October 2022 under former Chair Gary Gensler. The investigation was part of a wider examination of the NFT market, including both creators and marketplaces.

Regulators were looking at whether some tokens, particularly fractional NFTs, met the definition of securities under the Howey Test. This legal standard helps determine if an asset falls under SEC jurisdiction.

The investigation also covered Yuga Labs’ sale of ApeCoin, a cryptocurrency connected to the Bored Ape ecosystem. The SEC was examining whether this token should be considered a security.

Yuga Labs created some of the highest-priced NFT collections during the market’s peak. The Bored Ape Yacht Club and Mutant Ape Yacht Club collections were among the most valuable in the space.

The company also purchased the rights to CryptoPunks, an early NFT collection known for its high sale prices. These collections helped establish Yuga Labs as a major player in the NFT market.

NFT Market Still Down

Despite this regulatory win, Yuga’s collections are still far below their peak values. The floor price for a Bored Ape NFT is currently around 13.75 Ether (about $29,650).

This represents a more than 90% drop from its May 2022 peak when the floor price was 153.7 ETH (approximately $430,300). Other Yuga assets have seen similar declines.

Both Mutant Ape NFTs and ApeCoin are down 95% or more from their 2022 peaks. CryptoPunks floor prices have fallen over 70% from the collection’s highest point.

The decision to end the Yuga Labs investigation comes as part of a broader shift in the SEC’s approach to crypto regulation. Under the Trump administration, the agency has been easing its stance toward the digital asset industry.

The SEC recently closed its investigation into NFT marketplace OpenSea. This announcement came just hours after the regulator dropped its lawsuit against crypto exchange Coinbase.

The agency has also dismissed other crypto-related enforcement actions. On March 3, the SEC dropped a lawsuit against crypto exchange Kraken.

Despite these case closures, some legal battles continue. The SEC’s lawsuit against Ripple remains active in the courts.

For NFT creators and collectors, the SEC’s decision provides some clarity about the regulatory status of these digital assets. However, broader questions about digital asset classification remain unsettled.