The U.S. Securities and Exchange Commission ( SEC ) investigation into the project, which included Ethereum NFT and gaming company CyberKongz, came to an end on Tuesday, adding to the growing list of closed investigations from the regulator since the transition to a more crypto-friendly administration under President Donald Trump.  ,
The initiative, which claimed to have been in contact with the Commission for at least two years, made the announcement that it had received a Wells see from the regulator in December. Receivers are informed by Wells realize that the SEC may pursue enforcement actions against them, but the research has already expired and no enforcement has been made.
When reached by , an SEC director declined to comment. When businesses reported finished investigations in recent weeks, the controller has consistently declined to comment.
We are free, the project posted on X ( previous Twitter ) on the following:” After years of litigation, unjust allegations, crippling legal fees, and the biggest hurdle we could possibly face. This is a very happy time for CyberKongz. We chose to fight this conflict for the welfare of Web3 as a little, determined, and imaginative Web3 group.
The SEC’s attention of the task was brought on by the company’s use of its BANANA token, which was evidently meant as a key sale, along with a blockchain game and the project’s Genesis Kongz contract migration in 2021.
Given the popularity of crypto activities that use currencies, CyberKongz called the SEC’s key conversation “very concerning rhetoric,” which has “major implications for the entire Web3 game business.”
The program’s management believes that this outcome may clarify the Web3 gambling industry’s plans for projects.
” We have taken some tough hits, but finally we have come through the other side—stronger and more determined than always,” said Myoo, a anonymous CyberKongz father and actor, on X. The second paragraph will involve returning to our origins and doing Kongz’s best work.
Not just the other NFT-adjacent bitcoin job to make a “victory” against the SEC in recent days, CyberKongz is not the only one. In earlier March, Bored Ape Yacht Club father Yuga Labs announced that its SEC research had been concluded, calling it a “huge get” for NFTs.  ,
In addition, the Commission dropped its analysis of NFT platform OpenSea in late February. However, it was still looking for clarification from the regulator regarding NFT platform rules as recently as last year.
In 2021, CyberKongz released its origins NFT series on Ethereum. Since then, the project has produced several friend collections, including one on the Ethereum games sidechain Ronin, where it moved its Play &, Kollect sport in 2023.  ,
The project’s flagship collection now starts at a price of$ 5, 447 price of Ethereum, based on NFT Price Floor, after sales exceeding$ 300, 000.
edited by Andrew Hayward
GG Newsletter
Get the most recent information about web3 game, hear from gaming productions and influencers speaking directly about it, and find power-ups from our partners.
