Ape Coin Dives on Rumors SEC Investigating JPEGs Are Securities

ApeCoin, a token airdropped to holders of Bored Ape Yacht Club (BAYC) NFTs, suddenly dived by 10%.

That’s on rumors the Securities and Exchange Commission (SEC) is investigating Yuga Labs, the startup behind BAYC NFTs, over “whether certain nonfungible tokens are more akin to stocks and should follow the same disclosure rules,” Bloomberg said according to an unnamed “person familiar with the matter.”