YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

Gary Gensler’s move against the Bored Ape Yacht Club merely the latest ‘regulation by enforcement’

October 12, 2022
in Regulations
Reading Time: 4 mins read
A A
Gary Gensler’s move against the Bored Ape Yacht Club merely the latest ‘regulation by enforcement’
ShareShareShareShareShare

It’s hard to feel bad for the Bored Ape Yacht Club, a clique of wealthy people and celebrities who flaunt monkey NFTs as status symbols. Even in crypto circles, the BAYC is not very popular. Still, few would wish on the Apes the misfortune of being investigated by the Securities and Exchange Commission and the agency’s self-aggrandizing chair, Gary Gensler.

Such an investigation is underway, however, as Bloomberg reports the SEC has been probing Bored Apes’ parent Yuga Labs since at least March. The report says the agency is investigating whether some of the company’s NFTs are securities and is also looking into a token called ApeCoin that Yuga issued to NFT holders. The legal outcome is hard to predict, though the early consensus seems to be that the Apes are likely collectibles, not securities, while ApeCoin may have crossed the line.

For now, the most important takeaway is that this is yet another example of Gensler’s “regulation by enforcement” approach to crypto markets. The term describes the SEC’s longtime refusal to create clear rules on what is and isn’t a security, which forces companies to guess the answer—and, if they guess wrong, to browbeat them behind closed doors into settlements that shed no further light on what the rules are.

In the case of Yuga Labs, the SEC has now expanded its cloud of confusion to include the NFT sector, which has been one of the most innovative in all of crypto. Whatever you think of the Bored Ape crowd, there’s no denying that Yuga Labs has helped create a vibrant new economic and cultural force through its NFTs—in part by its decision to let Bored Ape holders own and develop IP associated with the brand. The company is valued at $4 billion and is at the vanguard of a new industry, but the SEC, once again, appears unconcerned with torpedoing innovation so long as it garners publicity for Gensler.

Yuga Labs says it is cooperating with the investigation, but if it follows the example of Ripple and Grayscale by challenging the SEC in court, the Bored Apes may find themselves with more friends than they’ve ever had before.

Jeff John Roberts
jeff.roberts@fortune.com
@jeffjohnroberts


This is the web version of Fortune Crypto, a daily newsletter. Sign up here to get it delivered free to your inbox.


DECENTRALIZED NEWS

Coinbase shares jumped on news that Google will use its services to accept crypto from its Cloud customers; the arrangement will be part of a larger infrastructure partnership.

Portugal is planning to tax digital currency gains earned on purchases held for less than a year, reducing the country’s allure as a haven for wealthy crypto owners.

The chair of the CFTC warned that the crypto industry shouldn’t “expect a free pass” at a time when the agency continues to jockey with the SEC for control over the sector.

Tech writer Charlie Warzel offers a withering review of the Coinbase documentary, which was funded by the company, describing it as “bone-grindingly dull” and “the latest frontier in corporate propaganda.”

A new report sheds light on how Russia’s invasion of Ukraine has affected crypto adoption in nearby nations.

MEME O’ THE MOMENT

If you can’t beat ‘em, join ‘em:

 


Credit: Source link

You might also like

US Federal Reserve, FDIC warn banks against crypto risks

Federal Reserve denies membership to crypto adjacent bank Custodia

January 27, 2023
White House report says it would a ‘grave mistake’ to deepen ties between crypto, broader financial system

White House report says it would a ‘grave mistake’ to deepen ties between crypto, broader financial system

January 27, 2023

Related Stories

US Federal Reserve, FDIC warn banks against crypto risks
Regulations

Federal Reserve denies membership to crypto adjacent bank Custodia

January 27, 2023
White House report says it would a ‘grave mistake’ to deepen ties between crypto, broader financial system
Regulations

White House report says it would a ‘grave mistake’ to deepen ties between crypto, broader financial system

January 27, 2023
Most People Want This Drug Regulated Less Strictly Than Crypto and Teslas
Regulations

Most People Want This Drug Regulated Less Strictly Than Crypto and Teslas

January 27, 2023
Why 2023 Might Be The Year of the Crypto Underdog
Regulations

Why 2023 Might Be The Year of the Crypto Underdog

January 27, 2023
Next Post
Vote for 2022’s Most Influential in Crypto

Vote for 2022's Most Influential in Crypto

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Shiba Inu Shows Aggressiveness With 20% Jump In The Weekly Charts

Shiba Inu Shows Aggressiveness With 20% Jump In The Weekly Charts

January 22, 2023
50% of Cardano nodes hit with disconnection bug, Input Output investigates

50% of Cardano nodes hit with disconnection bug, Input Output investigates

January 23, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 23,064.00 0.25%
    • ethereumEthereum (ETH) $ 1,597.84 0.06%
    • tetherTether (USDT) $ 1.00 0.03%
    • usd-coinUSD Coin (USDC) $ 1.00 0.02%
    • bnbBNB (BNB) $ 307.99 1.27%
    • xrpXRP (XRP) $ 0.412829 0.43%
    • binance-usdBinance USD (BUSD) $ 1.00 0.13%
    • cardanoCardano (ADA) $ 0.388453 2.37%
    • dogecoinDogecoin (DOGE) $ 0.087084 0.95%
    • matic-networkPolygon (MATIC) $ 1.16 5.64%
    • solanaSolana (SOL) $ 24.20 0.42%
    • okbOKB (OKB) $ 36.27 1.06%
    • staked-etherLido Staked Ether (STETH) $ 1,594.40 0.21%
    • polkadotPolkadot (DOT) $ 6.53 1.34%
    • shiba-inuShiba Inu (SHIB) $ 0.000012 1.2%
    • avalanche-2Avalanche (AVAX) $ 21.18 17.25%
    • litecoinLitecoin (LTC) $ 89.13 2.12%
    • tronTRON (TRX) $ 0.063387 2.74%
    • uniswapUniswap (UNI) $ 6.87 1.83%
    • daiDai (DAI) $ 1.00 0.07%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 22,992.00 0.04%
    • cosmosCosmos Hub (ATOM) $ 13.32 2.24%
    • the-open-networkToncoin (TON) $ 2.52 6.23%
    • chainlinkChainlink (LINK) $ 7.35 2.92%
    • leo-tokenLEO Token (LEO) $ 3.85 5.6%
    • moneroMonero (XMR) $ 179.63 4.83%
    • ethereum-classicEthereum Classic (ETC) $ 21.92 0.02%
    • aptosAptos (APT) $ 17.76 2.63%
    • bitcoin-cashBitcoin Cash (BCH) $ 134.22 0.16%
    • stellarStellar (XLM) $ 0.092592 0.88%
    • apecoinApeCoin (APE) $ 6.30 2.86%
    • quant-networkQuant (QNT) $ 151.94 1.98%
    • nearNEAR Protocol (NEAR) $ 2.54 1.57%
    • crypto-com-chainCronos (CRO) $ 0.081626 0.65%
    • filecoinFilecoin (FIL) $ 5.38 0.39%
    • lido-daoLido DAO (LDO) $ 2.39 3.55%
    • algorandAlgorand (ALGO) $ 0.252467 3.04%
    • vechainVeChain (VET) $ 0.024817 4.33%
    • hedera-hashgraphHedera (HBAR) $ 0.069649 4.61%
    • internet-computerInternet Computer (ICP) $ 6.01 3.33%
    • axie-infinityAxie Infinity (AXS) $ 11.49 2.29%
    • decentralandDecentraland (MANA) $ 0.677348 0.77%
    • aaveAave (AAVE) $ 86.74 2.04%
    • eosEOS (EOS) $ 1.11 2.38%
    • fantomFantom (FTM) $ 0.469481 3.7%
    • the-sandboxThe Sandbox (SAND) $ 0.740211 0.68%
    • theta-tokenTheta Network (THETA) $ 1.12 7.01%
    • flowFlow (FLOW) $ 1.07 3.13%
    • elrond-erd-2MultiversX (EGLD) $ 44.52 2.47%
    • terra-lunaTerra Luna Classic (LUNC) $ 0.000172 0.48%