Yuga Labs，BAYC NFTS和證券：一項可以重塑數字資產格局的裁決

法院最近的一項裁決確定，Bayc NFT不是證券，從而影響了根據美國法律看待數字資產的方式。該決定可以為NFT市場樹立先例。

Alright, NFT enthusiasts, let's dive into the latest buzz surrounding Yuga Labs, Bored Ape Yacht Club (BAYC) NFTs, and the big question: are they securities? A recent court ruling has sent ripples through the crypto world, and here’s the lowdown.

好吧，NFT愛好者，讓我們深入了解Yuga Labs，無聊的APE遊艇俱樂部（BAYC）NFTS的最新嗡嗡聲，還有一個大問題：它們是證券嗎？法院最近的一項裁決使漣漪穿過加密貨幣世界，這是降低的。

The Ruling: BAYC NFTs Are Not Securities

裁決：BAYC NFT不是證券

In a landmark decision, a federal judge in California dismissed a high-profile lawsuit against Yuga Labs, the powerhouse behind BAYC. The verdict? BAYC NFTs and ApeCoin don't meet the legal criteria to be considered securities. This is a huge win for Yuga Labs and potentially sets a precedent for the broader NFT market.

在一個具有里程碑意義的決定中，加利福尼亞州的一名聯邦法官駁回了針對BAYC背後的強國Yuga Labs的備受矚目的訴訟。判決？ BAYC NFTS和APECOIN不符合被視為證券的法律標準。對於Yuga實驗室來說，這是一個巨大的勝利，有可能為更廣泛的NFT市場樹立先例。

Key Points of the Decision

決定的要點

• Howey Test: Judge Fernando M. Olguin ruled that the plaintiffs failed to demonstrate how BAYC NFTs, ApeCoin, or other Yuga-linked digital assets satisfy the three-pronged Howey Test, which the SEC uses to define an investment contract.
• No Common Enterprise: The court found no “common enterprise” between buyers and Yuga Labs. The NFTs were traded on public blockchains, lacking any ongoing financial arrangement between purchasers and the company.
• Marketed as Collectibles: The NFTs were marketed as digital collectibles offering exclusive membership benefits, not as profit-seeking investments.

Why This Matters

為什麼這很重要

This ruling is significant because it reinforces the argument that many NFTs, especially those designed as digital collectibles with access features, don't fall under existing US securities regulations. It's a legal green light for projects emphasizing community and utility over pure investment returns.

這項裁決很重要，因為它加強了這樣的論點：許多NFT，尤其是那些具有訪問功能的數字收藏品的NFT，不要屬於現有的美國證券法規。這是一個合法的綠燈，用於強調社區和公用事業對純投資回報的項目。

The Howey Test Explained

Howey測試解釋了

For those not fluent in legal jargon, the Howey Test is crucial. It determines whether an asset is an investment contract based on three conditions: investment of money, a common enterprise, and an expectation of profit derived from the efforts of others. In this case, the judge found that BAYC NFTs didn't meet these criteria.

對於那些不流利的法律行話的人，Howey測試至關重要。它確定資產是否是基於三個條件的投資合同：貨幣投資，共同企業以及對他人努力的利潤期望。在這種情況下，法官發現Bayc NFTS不符合這些標準。

Yuga Labs and the NFT Market

Yuga Labs和NFT市場

Founded in 2021, Yuga Labs quickly became a dominant force in the NFT space. Bored Ape Yacht Club became a cultural phenomenon, and ApeCoin was introduced as a governance and utility token. The company has consistently positioned its NFTs as membership-based collectibles rather than investment vehicles, a strategy that seems to have paid off in court.

Yuga Labs成立於2021年，迅速成為NFT空間中的主要力量。無聊的APE遊艇俱樂部成為一種文化現象，Apecoin被引入了治理和公用事業令牌。該公司一直將其NFT定位為基於會員的收藏品，而不是投資工具，這一策略似乎已在法庭上獲得了回報。

Nike and StockX Settle NFT Trademark Dispute

耐克和Stockx定居NFT商標爭議

In other NFT-related news, Nike and StockX settled their nearly three-year legal battle over sneaker-linked NFTs. This case, which involved trademark infringement allegations, could have set new precedent for digital asset and intellectual property law. The settlement spares both parties from further legal and reputational risk.

在其他與NFT相關的新聞中，Nike和Stockx在與運動鞋相關的NFT上進行了將近三年的法律鬥爭。涉及商標侵權指控的案件可能為數字資產和知識產權法樹立了新的先例。和解省略了兩方的進一步法律和聲譽風險。

Looking Ahead

展望未來

The Yuga Labs ruling could influence how other NFT projects facing litigation or regulatory review are viewed. Projects that focus on access, perks, or cultural value rather than financial return are more likely to withstand legal scrutiny. It also narrows the SEC’s potential enforcement scope, suggesting that not all digital assets fall neatly under securities law.

YUGA實驗室的裁決可能會影響其他NFT項目面臨訴訟或監管審查的方式。專注於獲取，津貼或文化價值而不是財務回報的項目更有可能承受法律審查。它還縮小了SEC的潛在執法範圍，這表明並非所有數字資產都按照證券法整齊。

A Word on Tokenized Securities

關於令牌證券的一句話

While the Yuga Labs case clarifies the status of certain NFTs, the world of tokenized securities is also evolving. Platforms like Bitfinex Securities are pioneering tokenized financial instruments, bridging the gap between digital asset infrastructure and traditional markets. This shows the diverse ways blockchain technology is being integrated into finance.

儘管Yuga Labs案闡明了某些NFT的狀態，但令牌化證券的世界也在不斷發展。 Bitfinex Securities等平台正在開創性令牌金融工具，彌合了數字資產基礎設施和傳統市場之間的差距。這顯示了區塊鏈技術被整合到金融的方式。

Final Thoughts

最後的想法

So, what does this all mean? The court's decision is a breath of fresh air for the NFT community, offering clarity on the legal status of digital collectibles. While regulatory scrutiny of crypto assets remains, this ruling suggests that NFTs marketed as consumables are less likely to be classified as securities. Keep creating, keep collecting, and stay tuned for more developments in this ever-evolving digital landscape. Who knows what tomorrow will bring? Maybe your digital cat will finally pay your rent!

那麼，這全是什麼意思？法院的判決是NFT社區的新鮮空氣，為數字收藏品的法律地位提供了清晰度。儘管對加密資產的監管審查仍然存在，但該裁決表明，作為消耗品銷售的NFTs不太可能被歸類為證券。繼續創建，繼續收集並繼續關注這一不斷發展的數字景觀中的更多發展。誰知道明天會帶來什麼？也許您的數字貓最終會支付您的租金！