While the crypto bros lose their shirts over those monkey jpegs that they dreamed were worth $300,000, the Securities and Exchange Commission is opening an investigation into those NFTs’ creator, Yuga Labs. And on Tuesday, Bloomberg reported that Yuga Labs is under investigation by the U.S. Securities and Exchange Commission. But we do know that new SEC commissioner Gary Gensler is keen to hold cryptocurrency and NFTs to the same regulatory standards as legitimate investments. Because a regulatory and prosecutorial crackdown may lead to a whole lot of looming cryptocurrency and NFT media coverage that we will actually enjoy reading. Related: Crypto Enthusiasts Promote ‘Bored Ape’ NFTs In Mission District Murals [SFist]Image: Joe Kukura, SFist

Source: Forbes October 12, 2022 00:58 UTC