Bored Ape NFTs fall outside securities law, US judge rules

A California-based federal judge, Fernando M. Olguin, has reportedly dismissed a class-action lawsuit against Yuga Labs, the blockchain technology company that created the Bored Ape Yacht Club (BAYC) NFTs collection. The dismissal followed the judge’s ruling that these digital collectibles did not qualify as securities. According to him, the Bored Ape NFTs did not meet several requirements to determine whether financial transactions involving them are considered securities. Judge Olguin was appointed by former US President Barack Obama in 2013. Judge Olguin ruled that Bored Ape NFTs are not securities In his Thursday, October 2 ruling, Olguin pointed out that Bored...