{"id":505812,"date":"2022-10-11T17:52:41","date_gmt":"2022-10-11T17:52:41","guid":{"rendered":"https:\/\/ktsl888.com\/?p=505812"},"modified":"2024-06-11T14:27:22","modified_gmt":"2024-06-11T14:27:22","slug":"apecoin-crashes-7-following-sec-probe-against-yuga-labs","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/apecoin-crashes-7-following-sec-probe-against-yuga-labs\/","title":{"rendered":"ApeCoin Crashes 7% Following SEC Probe Against Yuga Labs"},"content":{"rendered":"<p><strong>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.<\/strong><\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><strong>Related Reading: <a href=\"https:\/\/ktsl888.com\/altcoin\/heres-why-sushi-is-down-more-than-10-in-the-last-24-hours\/\" target=\"_blank\" rel=\"noopener \">Here\u2019s Why SUSHI Is Down More Than 10% In The Last 24 Hours<\/a><\/strong><\/div>\n<p><strong>\u00a0<\/strong>According to a <a href=\"https:\/\/www.bnnbloomberg.ca\/bored-ape-creator-yuga-labs-faces-sec-probe-over-unregistered-offerings-1.1830997\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a> from Bloomberg, the Commission will investigate the \u201caffinity\u201d of the digital assets minted and promoted by Yuga Labs and the possibility that these NFTs are \u201cmore akin to stocks\u201d. This would place the crypto company in an alleged violation of U.S. federal law.<\/p>\n<p>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.<\/p>\n<p>APE was launched as part of an initiative to provide BAYC investors with more voice and power over the project via the ApeCoin DAO. Via social media, many users are expressing concern about the future of the DAO and its staking mechanism leading to the crash in the price of the token.<\/p>\n<p>In a statement to Bloomberg, a representative for Yuga Labs stated:<\/p>\n<blockquote><p>It\u2019s well-known that policymakers and regulators have sought to learn more about the novel world of web3. We hope to partner with the rest of the industry and regulators to define and shape the burgeoning ecosystem. As a leader in the space, Yuga is committed to fully cooperating with any inquiries along the way.<\/p><\/blockquote>\n<figure id=\"attachment_505823\" aria-describedby=\"caption-attachment-505823\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-505823 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/10\/ApeCoin-APE-APEUSDT.png?resize=860%2C376\" alt=\"ApeCoin APE APEUSDT\" width=\"860\" height=\"376\"><figcaption id=\"caption-attachment-505823\" class=\"wp-caption-text\">APE&#8217;s price trends to the downside on the daily chart as SEC announces probe against Yuga Labs. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/9RiOT3fe\/?symbol=BINANCE%3AAPEUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>APEUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>ApeCoin And Yuga Labs Fall Into SEC Scrutiny<\/h2>\n<p>A probe can escalate from the Commission against Yuga Labs, such as pursuing a legal case. However, not every probe leads to legal action.<\/p>\n<p>Under the leadership of Gary Gensler, the SEC has been targeting crypto-related activity. On several occasions, the current SEC Chair has compared crypto with the \u201cWild West\u201d and has classified \u201cmost of the crypto\u201d as potential securities. Bitcoin is the only exception that Gensler seems willing to admit publicly.<\/p>\n<p>Over the past months, SEC enforcement actions against crypto projects have increased. The Commission seems to be targeting major and very well know entities, such as Yuga Labs and their projects BAYC and ApeCoin, socialite Kim Kardashian, and others.<\/p>\n<p>Their current biggest case involves payment company Ripple and the alleged offering of an unregulated security, XRP. According to a report from FOX, some SEC staff believe the Commission is pushing this lawsuit for the personal benefit of Gary Gensler and his desire to be nominated for Secretary of Treasury.<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><strong>Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/no-pivot-in-sight-why-bitcoin-could-see-more-pain-as-inflation-strengthens\/\" target=\"_blank\" rel=\"noopener \">No Pivot In Sight: Why Bitcoin Could See More Pain As Inflation Strengthens<\/a><\/strong><\/div>\n<p>The Commission is allegedly understaffed and pushing many to seek employment elsewhere as they disagree with Gensler&#8217;s management style and complaint about long working hours. At the time of writing, there is no statement from Yuga Labs regarding the probe.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">SCOOP (1\/3): <a href=\"https:\/\/twitter.com\/SEC_Enforcement?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@SEC_Enforcement<\/a> staffers are complaining <a href=\"https:\/\/twitter.com\/GaryGensler?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@GaryGensler<\/a> violated protocol by hyping <a href=\"https:\/\/twitter.com\/KimKardashian?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@KimKardashian<\/a> settlement, appearing on <a href=\"https:\/\/twitter.com\/CNBC?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@CNBC<\/a> within minutes of the case being announced, people w direct knowledge tell <a href=\"https:\/\/twitter.com\/FoxBusiness?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@FoxBusiness<\/a>. They are calling it a &#8220;publicity stunt&#8221;<\/p>\n<p>\u2014 Charles Gasparino (@CGasparino) <a href=\"https:\/\/twitter.com\/CGasparino\/status\/64560130?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 5, 2022<\/a><span style=\"color: #333333\">\u00a0<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>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. Related Reading: Here\u2019s Why SUSHI Is Down More Than 10% In The Last 24 Hours \u00a0According to a report from Bloomberg, the Commission will investigate the \u201caffinity\u201d of the digital assets minted and promoted by Yuga Labs and the possibility that these NFTs are \u201cmore akin to stocks\u201d. 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 with more voice and power over the project via the ApeCoin DAO. Via social media, many users are expressing concern about the future of the DAO and its staking mechanism leading to the crash in the price of the token. In a statement to Bloomberg, a representative for Yuga Labs stated: It\u2019s well-known that policymakers and regulators have sought to learn more about the novel world of web3. We hope to partner with the rest of the industry and regulators to define and shape the burgeoning ecosystem. As a leader in the space, Yuga is committed to fully cooperating with any inquiries along the way. ApeCoin And Yuga Labs Fall Into SEC Scrutiny A probe can escalate from the Commission against Yuga Labs, such as pursuing a legal case. However, not every probe leads to legal action. Under the leadership of Gary Gensler, the SEC has been targeting crypto-related activity. On several occasions, the current SEC Chair has compared crypto with the \u201cWild West\u201d and has classified \u201cmost of the crypto\u201d as potential securities. Bitcoin is the only exception that Gensler seems willing to admit publicly. Over the past months, SEC enforcement actions against crypto projects have increased. The Commission seems to be targeting major and very well know entities, such as Yuga Labs and their projects BAYC and ApeCoin, socialite Kim Kardashian, and others. Their current biggest case involves payment company Ripple and the alleged offering of an unregulated security, XRP. According to a report from FOX, some SEC staff believe the Commission is pushing this lawsuit for the personal benefit of Gary Gensler and his desire to be nominated for Secretary of Treasury. Related Reading: No Pivot In Sight: Why Bitcoin Could See More Pain As Inflation Strengthens The Commission is allegedly understaffed and pushing many to seek employment elsewhere as they disagree with Gensler&#8217;s management style and complaint about long working hours. At the time of writing, there is no statement from Yuga Labs regarding the probe. SCOOP (1\/3): @SEC_Enforcement staffers are complaining @GaryGensler violated protocol by hyping @KimKardashian settlement, appearing on @CNBC within minutes of the case being announced, people w direct knowledge tell @FoxBusiness. They are calling it a &#8220;publicity stunt&#8221; \u2014 Charles Gasparino (@CGasparino) October 5, 2022\u00a0<\/p>\n","protected":false},"author":535,"featured_media":498681,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[85879,85709,86417],"class_list":["post-505812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ape","tag-apecoin","tag-apeusdt"],"acf":[],"yoast_head":"\n<title>ApeCoin Crashes 7% Following SEC Probe Against Yuga Labs<\/title>\n<meta name=\"description\" content=\"ApeCoin is trending lower as the Securities and Exchange Commission (SEC) announces an investigation against its parent company, Yuga Labs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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