BAYC founders said SEC investigation of Bored Ape Yacht Club is “not that surprising.”

Last week that the SEC is looking into Bored Ape Yacht Club’s parent company, Yuga Labs, for possible securities violations related to the sale of Bored Ape NFTs and ApeCoin tokens. This news sent shockwaves through the NFT world.

Some legal experts have said that SEC Chair Gary Gensler is clearly expanding his regulatory reach to include NFTs. Since the news came out, APE has dropped by more than 10%.

Greg Solano, co-founder of the Bored Ape Yacht Club, says, “It’s ...