SEC closes investigation into NFT firm CyberKongz

The United States SEC officially closed its investigation into the NFT Cyberkongz game project, four months after the start of the project with a well opinion on its integration of ERC-20 token.

In a recent jobThe Cyberkongz announced that the financial agency had disconnected its initial investigation into project operations. Call it a “victory for our industry”, the web 3 and Nft The project plans to rename complete following the historic decision.

“After years of dispute, unfair allegations, paralyzing legal costs and the biggest obstacle that we could eventually meet – we are free. It is an extremely proud moment for Cyberkongz,” said the account in his post.

Following the decision, the NFT project expressed its optimism for the future of Web3Because he believes that the result will be used to clarify other projects in the web 3 space that explore blockchain Technology, nft and game.

“We are sure that this result will give clarity to many innovative projects with blockchain technology, pushing the limits of the web game3 and highlighting the beauty of the NFT,” continued the project.

Last December, the United States SECOND has issued a well opinion to the NFT game project. The official warning concerned the concerns of the agency concerning the integration of the ERC-20 of Cyberkongz in one of its games based on the blockchain. He said the tokens are falling securities And must have been recorded first, similar to many other crypto proceedings that torment companies like Ripple (Xrp) and helium (Hnt).

The Cyberkongz team said it was “extremely disappointed with the approach that the SEC had adopted” and promised to retaliate. The team has argued that the results of such a case could have major consequences for the web3 and NFT game sectors.

Previously, the agency also challenged the migration of the Genesis Kongz contract of the project in 2021, which is considered a main sale. Cyberkongz argued that the dry had misinterpreted the user of smart contracts And accused the regulator of not having made a distinction between technical processes and real sales of tokens.

Under the new Trump administration, the Federal Agency has abandoned several proceedings against Crypto and Web3 companies, notably Kraken, Coinbase, Consensys, Robinhood, XRP, among others.