Summary:
- The article discusses a lawsuit against Yuga Labs, the creators of the popular Bored Ape Yacht Club (BAYC) NFT collection.
- The lawsuit claimed that Yuga Labs' sale of BAYC NFTs should have been registered as securities, but a judge has dismissed the lawsuit, ruling that the BAYC NFTs do not satisfy the Howey test for determining whether an investment contract exists.
- The Howey test is a legal framework used to determine if a transaction qualifies as an investment contract, and the judge's decision suggests that the BAYC NFTs are not considered securities under U.S. law.