NFT project CyberKongz announces US SEC has concluded its investigation

PANews April 16th news, according to The Block, NFT collection project CyberKongz announced that the U.S. Securities and Exchange Commission (SEC) has concluded its investigation. This is the latest investigation into such projects ended by the SEC since President Donald Trump took office earlier this year. On Tuesday, CyberKongz posted a statement on the X platform to confirm that the SEC investigation has officially ended and revealed that it will launch a "brand rebrand" plan. “For CyberKongz, the shackles have been lifted,” the company said. “We have been preparing for this for a long time. Soon, we will announce a comprehensive rebranding plan and new directions.”

In December last year, CyberKongz received a Wells Notice from the SEC, which is a formal warning issued by the SEC to relevant companies before possible enforcement actions. CyberKongz revealed that they have been under tremendous pressure since they first received an inquiry from the SEC two years ago. The project said the SEC's law enforcement team made "a very worrying argument that tokens (ERC-20) cannot be used in conjunction with blockchain games without registering them as securities."