NBA Top Shot developer Dapper Labs has been investigated by the SEC! Internal data shows the case has been closed

According to internal SEC documents obtained by Fortune Magazine, NBA Top Shot developer Dapper Labs has been under investigation by the U.S. Securities and Exchange Commission (SEC) since September last year.

SEC once investigated Dapper Labs

The closing report signed by David Hirsch, director of the SEC’s Cryptocurrency and Cybersecurity Division, shows that the investigation of Dapper Labs, Inc. was terminated on September 29.

This report is only one page and does not explain the reason why the SEC investigated Dapper Labs, when it started, or why the case was closed.

An SEC spokesman responded that he would not comment on potential investigations.

Dapper Labs told Fortune magazine: We have never been contacted by the SEC and therefore have no knowledge of this investigation. Regardless, this appears to be closed.

Dapper Labs Class Action Lawsuits and Layoffs

Dapper Labs faced a class action lawsuit in which plaintiffs alleged that NBA Top Shot Moments issued by it were unregistered securities, but this was announced in February last year. In March, it was dismissed by a federal judge.

In addition, Dapper Labs has made many layoffs during the bear market.

SEC vs. NFT

After the collapse of FTX, the SEC steadily prosecuted a series of crypto companies, including TRON Foundation, Terraform Labs, Binance, Coinbase, Kraken and most recently Uniswap.

Regarding the NFT field, the SEC fined Impact Theory $6 million in September last year, and two weeks later fined Stoner Cats $1 million and destroyed all its NFTs.

This seems to indicate that the SEC’s regulatory goals have been extended to the NFT field.

Philip Moustakis, a securities lawyer at Seward & Kissel, told Fortune Magazine: The SEC’s decision to end its investigation into Dapper Labs may represent a correction in the SEC’s regulatory line, which is a relief for NFT market participants, but You can't conclude that all NFT projects are okay, some NFTs may still constitute securities transactions.

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