PANews reported on April 16 that according to The Block, the NFT collection project CyberKongz announced that the U.S. Securities and Exchange Commission (SEC) has ended its investigation into it. This is the latest investigation into such projects that the SEC has ended since President Donald Trump took office earlier this year. On Tuesday, CyberKongz posted a message on the X platform confirming that the SEC's investigation has officially ended and revealed that it will launch a "brand reshaping" 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 a new development direction."
Last December, CyberKongz received a Wells Notice from the SEC, a formal warning to companies before possible enforcement action. CyberKongz revealed that they have been under tremendous pressure since they first received an inquiry from the SEC two years ago. The project said that the SEC's enforcement team raised "a very worrying argument that tokens (ERC-20) cannot be used in conjunction with blockchain games without registering them as securities."
