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Yuga Labs Secures Major Win as SEC Closes Investigation Without Charges

After more than two years under regulatory scrutiny, Yuga Labs announced that the US Securities and Exchange Commission (SEC) has officially closed its investigation into the company without taking enforcement action. While the agency has not disclosed the specific reasoning behind its decision, the move aligns with a broader shift in the SEC’s approach to cryptocurrency regulation. NFTs Not Securities The inquiry began in October 2022 and sought to determine whether Yuga Labs’ NFT offerings, including the Bored Ape Yacht Club (BAYC) collection and the distribution of ApeCoin, violated federal securities laws. The SEC’s decision not to pursue charges more than two years later marks a significant milestone for the NFT space. In a statement on X, Yuga Labs called it a “huge win” for the industry and for creators driving the digital asset 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.” In recent weeks, the regulatory watchdog has either dropped or suspended investigations into major crypto firms, including Coinbase, Binance, Robinhood, Gemini , OpenSea, and Uniswap . The SEC has also disbanded its previous crypto division and introduced a new Cyber and Emerging Technologies Unit, signaling a potential recalibration of its regulatory stance. Bored Apes’ floor price on OpenSea briefly hit 13.9 ETH on Monday. After a minor dip, however, the current price has settled at 13.75 ETH. NFT Market The NFT market faced significant challenges in 2024 as trading volumes fell to $1.5 billion by the third quarter. However, a partial rebound in the fourth quarter pushed volumes back up to $2.6 billion. This volatility was accompanied by a decline in total sales compared to 2023, indicating that NFTs were sold at higher prices, possibly influenced by rising token values such as ETH. By year-end, the overall trading volume had dropped by 19%, while sales numbers declined by 18%. Despite the short-term plunging values, the global NFT market is expected to grow by $84.13 billion between 2025 and 2029, according to Technavio’s recent study . This growth is projected at an annual rate of 30.3%. The increasing demand for digital art and interest from major brands are key factors driving this expansion but uncertainty surrounding NFTs remains a challenge for the market. The post Yuga Labs Secures Major Win as SEC Closes Investigation Without Charges appeared first on CryptoPotato . CoinOtag

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IMF Requests New Bitcoin Restrictions on El Salvador, Including Ending BTC Purchases With Public Funds

The International Monetary Fund (IMF) is attempting to impose strict restrictions on El Salvador as part of a $1.4 billion loan agreement, targeting the country’s controversial Bitcoin ( BTC ) adoption strategy. Under new conditions in the IMF’s Staff Country Report, El Salvador must halt public sector acquisitions of the BTC, dissolve the Fidebitcoin trust fund by July 2025, and cease operations of its Chivo wallet system. The government must also publicly disclose all Bitcoin wallet addresses and provide audited financial statements for crypto-related entities. President Nayib Bukele, a vocal Bitcoin proponent, pioneered the crypto king’s legal tender status in 2021, making El Salvador the first nation to do so. His administration has actively invested public funds in BTC and promoted the top crypto by market cap’s widespread use. The IMF cited economic stability concerns as the primary motivation for the restrictions, and says that the use of BTC has been “marginal.” “Although crypto-assets have the potential to make payments cheaper and faster, widespread adoption could threaten macroeconomic stability and raise fiscal risks.9 In El Salvador, monetary and financial stability risks have been contained due to Bitcoin’s limited circulation, in a context where the US dollar can also be freely used. The use of Bitcoin as means of payment has been minimal, reflecting Bitcoin’s high price volatility and limited trust in the technology. Meanwhile, the financial sector has no exposure to Bitcoin, and payment of taxes in Bitcoin, which will be prohibited following legal reforms, have been insignificant.” According to the IMF’s report, El Salvador has agreed to cease making government purchases of BTC. “Another important objective of the program is to have no net accumulation of domestic payments arrears (payments obligations overdue by 90 days or more) as part of the process of strengthening public financial management in El Salvador. Hence, we commit not to accumulate net domestic payments arrears by the central government.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/Naeblys/Chuenmanuse The post IMF Requests New Bitcoin Restrictions on El Salvador, Including Ending BTC Purchases With Public Funds appeared first on The Daily Hodl . CoinOtag