🍕When the Moon Hits Your Eye Like a Big Pizza Pie, That’s Amore🌖
When Digital Collectibles Meet Securities Law A federal judge in California has ruled that Bored Ape Yacht Club NFTs are not securities , dismissing a class-action lawsuit against creator Yuga Labs . The decision by Judge Fernando M. Olguin arrives at an interesting moment in regulatory history—after the SEC closed its investigation into Yuga Labs earlier this year, but before we've seen how the agency will reconcile this ruling with its previous positions. The court's reasoning hinges on technical distinctions that matter enormously in securities law . Judge Olguin found that Bored Apes fail the " common enterprise " test because buyers purchased them on third-party marketplaces like OpenSea and Coinbase , not through a platform controlled by the issuer. This differs from NBA Top Shot and DraftKings NFTs , which courts have found plausibly constitute securities , partly because those transactions occurred within ecosystems the issuers controlled. The ...