Court Rules BAYC NFTs Are Not Securities

A U.S. federal judge in the Central District of California dismissed a 2022 class-action suit, finding that Yuga Labs’ Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) do not meet the Howey test for securities. The ruling concluded plaintiffs failed to show a common enterprise or a reasonable expectation of profits tied to Yuga Labs’ […]