SEC drops Yuga Labs probe, Trump files NFT marketplace trademark

Trump-owned company DTTM Operations filed a trademark for “TRUMP” in relation to a metaverse and an NFT marketplace.

In this week’s newsletter, the US Securities and Exchange Commission (SEC) has dropped its investigation into the non-fungible token (NFT) company Yuga Labs, a company owned by US President Donald Trump filed trademarks for a metaverse and an NFT marketplace, and gambling platform DraftKings plans to settle its NFT lawsuit for $10 million. In other news, Hamster Kombat’s newly launched layer-2 network aims to support Web3 gaming.

Yuga Labs says SEC dropped its investigation into NFT firm NFT firm Yuga Labs said the SEC dropped its investigation into the company. The NFT firm said in a post that after three years, the agency had finally closed its investigation into Yuga Labs.

The company said this was a win for NFTs and creators, pushing the ecosystem forward. “NFTs are not securities,” Yuga Labs added.

The regulator’s investigation began in October 2022 under the former SEC chair Gary Gensler. It was part of a wider probe into NFTs, creators and marketplaces to see whether NFT assets could be classified as securities.