NFT project CyberKongz announced that the US SEC has concluded its investigation into it

CyberKongz, an NFT collectibles project, has announced that the Securities Exchange Commission (SEC) has closed its investigation into it, the latest investigation into such a project since President Donald Trump took office earlier this year. In a post on X on Tuesday, CyberKongz confirmed that the SEC's investigation was officially closed and revealed that a "rebranding" program would be launched. "For CyberKongz, the stranglehold has 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 direction for development."
In 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 intense pressure since they were first questioned by the SEC two years ago. The project said the SEC's enforcement team made "a very worrying argument that tokens (ERC-20) cannot be used in combination with blockchain games without registering them as securities".