Claim Giveaway Token Proof of Reserve

Prices of Apecoin plummet after SEC probe

price of Apecoin has decreased by almost 8%. At the time of publication, APE was trading for an average price of $4.73. The last 30 days have seen a 14% decrease in pricing. 

13-Oct-2022 By: Divya Behl
Prices of Apecoin pl

The US Securities and Exchange Commission (SEC) 

Has made the decision to exercise greater control over the market for digital assets.

Certain companies, tokens, and exchanges have been accused of wrongdoing by the Commission. Famous NFTs, however, have slipped under its notice this time.

Will the SEC bring charges against BAYC?

According to sources, the US watchdog claims that Yuga Labs, the parent business of Bored Ape Yacht Club (BAYC), broke the law by selling its digital assets. The commission will check to see if certain NFTs from Yuga Lab are comparable to stocks and need to adhere to the same disclosure regulations.

The commission is also currently investigating how the recently introduced Apecoin distribution is being carried out. The owners of the BAYC and NFTs received the token.

Bored Ape Yacht Club NFTs floor price and Apecoin price have both experienced a modest decline once the story has spread. However, evidence indicates that over the previous few months, both digital assets haven't performed particularly well.

In the past 24 hours, the floor price of BAYC NFT has decreased by about 3%. In contrast, it has decreased by 27% over the last 90 days. The current Ethereum price is 73.

However, over the past 24 hours, the price of apecoin has decreased by almost 8%. At the time of publication, APE was trading for an average price of $4.73. The last 30 days have seen a 14% decrease in pricing. The company's 24 hour trading volume has increased by 130% to $340 million.

Does the watchdog intend to make a claim?

The article notes that Yuga has not yet been accused of any violations and that an investigation may not result in the SEC suing the company. This could be yet another effort by Gary Gensler, chair of the SEC, to make sure that cryptocurrency adheres strictly to the regulations.

The SEC chair has stated numerous times that regulations would apply to most crypto assets. Gensler recently grabbed attention by criticising American fashion icon Kim Kardashian for advocating digital asset security.

WHAT'S YOUR OPINION?
Related News
Related Blogs