Stories reveal that the U.S. Securities and Trade Fee (SEC) has ended its investigation into Dapper Labs, the corporate behind notable NFT initiatives like NBA High Shot and CryptoKitties, and the multi-purpose FLOW blockchain. However nonetheless, a authorized battle continues.
Fortune reported that the SEC’s cryptocurrency and cybersecurity division, led by David Hirsch, ended its investigation into Dapper Labs on September 29. The explanations for each the initiation and conclusion of the probe remained confidential.
Nonetheless, regardless of the investigation’s finish, Dapper Labs’ troubles persist. The web3 agency continues to face an ongoing class-action lawsuit that claims NBA High Shot Moments are successfully unlicensed securities.
As this lawsuit progresses, with all depositions anticipated to be accomplished by June 17, Dapper Labs’ last authorized outcomes stay unsure.
Supply: Dapper Labs (High Shot)Dapper Labs’ Progress and Challenges
Since launching CryptoKitties in late 2017, Dapper Labs quickly observed speedy progress within the digital collectibles house. Momentum carried ahead with the introduction of NBA High Shot, which garnered endorsements from outstanding basketball gamers and generated substantial buying and selling exercise.
But, the NFT business noticed a notable decline within the mission in 2022, with plummeting gross sales volumes, compelling Dapper Labs to downsize its workforce in 2023.
Such transitions happened amid a broader regulatory setting, notably after the downfall of the FTX exchange, with the SEC intently inspecting crypto-focused companies.
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