The SEC investigated NBA Top Shot developer Dapper Labs, but decided to close case in September
https://fortune.com/crypto/2024/04/11/sec-dapper-labs-investigation-case-closed-september-2023-roham-gharegozlou/"Following the collapse of crypto exchange FTX, the SEC has steadily sued and investigated a suite of crypto companies, including TRON Foundation, Terraform Labs, Binance, Coinbase, Kraken, and now Uniswap. And settlements with Impact Theory and Stoner Cats in the second half of 2023 imply that the regulator has begun to seriously scrutinize the NFT industry.
The agency’s decision to close its investigation into Dapper Labs, one of the most funded companies in the market, may indicate a course correction. “It will surely provide some kind of comfort to participants in the NFT market,” Philip Moustakis, a securities lawyer at Seward & Kissel, told Fortune.
He added, though, that “you can’t presume that all NFTs are safe. The SEC has already made the point that some transactions in NFTs could constitute securities transactions.”
Arthur Jakoby, a former SEC prosecutor who now specializes in securities litigation at Herrick Feinstein LLP, cautioned against reading too much into the agency’s closure of its investigation. “It doesn’t mean they’re not going to investigate them next year,” he said. “It doesn’t mean that they think Dapper Labs hasn’t done something wrong. It doesn’t mean that they cleared Dapper Labs.” "