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October 20th, 2022
SEC vs BAYC? Here’s What Legal Experts Say It Means for NFTs
Blockchain Technology Co-Chair Jeremy S. Goldman is quoted in the article, “SEC vs BAYC? Here’s What Legal Experts Say It Means for NFTs" published by Decrypt. The article discusses the SEC’s investigation of Bored Ape Yacht Club creator Yuga Labs for securities violations and the impact on the NFT industry. Jeremy says, “Stepping into regulating the NFT space by starting with the biggest NFT brand of them all would seem to go against the SEC’s modus operandi. It seems much more likely that if the SEC is going to go after someone, they're going to go after projects that much more easily fit the framework of what the SEC believes is a security.”
Jeremy believes that there are other NFT projects besides Bored Ape Yacht Club that much more obviously check the boxes of appearing like securities. He is confident the SEC would almost certainly go after those projects first—if it were to go after any. He says, “The SEC usually starts by going after lower hanging fruit. Think of a project where the marketing said, ‘This is going to be a great investment,’ ‘We’re going to 10x what you’ve put in and take you to the moon,’ That is really easy for them to prove falls within their purview as a security. And I just don’t see BAYC in that category.” He thinks it’s highly unlikely the SEC will ever actually sue Yuga Labs for securities violations. He believes Yuga has only been implicated here to assist the SEC in a publicity-oriented battle for sovereignty over regulating the crypto space.
Jeremy suggested that the leak may have been planted by the SEC itself, explaining, “To me, it's a little suspect. Suddenly an anonymous source says, ‘Oh, yeah, Yuga’s on the list,’ and then it makes headlines. I just do wonder whether this is part of government in-fighting for control. They're putting it out there, ‘We're already investigating this,’ and they want to put out a big name so it gets the attention of the public.”
If the SEC went ahead with a case again Yuga Labs and won Jeremy says, “It would be an issue for the entire industry. Launching an NFT would become like going public with a stock. It would require a tremendous amount of legal work and accounting work and disclosures and registration […] that is just not feasible or practical for the vast majority of startups.”
Read the full article here.
Other Quoted
Data Privacy Roundup
The AdExchanger newsletter quotes Daniel M. Goldberg, highlighting key privacy enforcement trends. He provided an example of how opting in cookie tracking by clicking a bold “Allow All” button contrasted with declining tracing, which required a more involved two-step process. Mr. Goldberg pointed out that regulators saw this process as a “potential dark pattern.” “‘Symmetry of choice is the idea that it should be just as easy to accept as it is to reject,’” Goldberg said. ‘It’s an area regulators are looking very, very closely at.’” He also noted dark pattern fines, especially with the CPPA could become substantially larger. He underscored due diligence in programs, referencing recent privacy enforcement setttlements and fines. “‘All these cases involve vendor solutions that did not work,’ Goldberg said. ‘In almost all of them, the company did have privacy compliance in place; it just wasn’t working.’” View Article
July 25 2025
SHOOT’s 65th Anniversary Reflections: FKKS’ Managing Partner Jeffrey A. Greenbaum
SHOOT Magazine quotes Jeffrey A. Greenbaum in its 65th Anniversary coverage on where the advertising industry has been, is, and is going. Jeff discusses the most significant legal cases during his industry tenure and the accompanying lessons, the most pressing legal issues for the commercial production community, his most meaningful professional accomplishments, and the value he has gained from reading SHOOT. Read more.
July 24 2025
Companies Sought Help From Privacy Vendors. They Still Got Fined
Daniel M. Goldberg is quoted in Bloomberg Law on problems faced by companies who have relied on compliance vendors to help them navigate new privacy laws. The article stated that vendors operating with little oversight, outdated tech have “left businesses with consumer-facing websites open to fines and other enforcement actions.”
Bloomberg Law noted, “For example, giving consumers the option to disable cookies may not turn off all of a company’s tracking technology. So consumer data could still be automatically sent to a third party for advertising.
“Vendors cannot just repurpose tools meant to comply with EU’s data protection law for California’s rules, said Daniel M. Goldberg, chair of the data strategy, privacy & security group at Frankfurt Kurnit Klein & Selz PC.
"‘Many solutions are solutions that are built for one purpose,’ Goldberg said, adding that some vendors’ ‘default configurations often aren’t drafted in a way that is sufficient to address US privacy law.’” View Article.
July 14 2025
