The U.S. Securities and Exchange Commission (SEC) has closed its investigation into Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) NFT collection.
The SEC's decision marks a victory for the NFT industry and signifies a shift in the regulatory approach to the crypto industry.
Yuga Labs' NFTs and ApeCoin token were under scrutiny to determine if they violated securities laws.
The SEC's decision has led to a brief price rise for Bored Ape NFTs on OpenSea.