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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
Televerse Day 2 Highlights: Shrinking, Henry Winkler and More
The Television Academy in its Televerse News quoted Daniel M. Goldberg, who spoke about AI at the academy’s three-day festival. Televerse featured television industry professionals both in front of and behind the camera, expert panelists, FYC (For Your Consideration) discussions, and screenings of shows nominated for this year’s Emmy Awards. Mr. Goldberg spoke on a panel covering “how federal and state lawmakers, courts, content creators and other stakeholders are responding to the evolving technology's impact on copyright, licensing and rights protection.” When asked for future predictions for six months from now, Mr. Goldberg responded, "'It's so hard to predict even two weeks from now. But I think you're going to see the states continue to pick up [on regulating AI] where the federal government is not.’” View Article
August 18 2025
Attorney Cautions That Privacy Laws Cover All Platforms, Not Just Sites
Privacy Daily quotes Daniel M. Goldberg in an article on growing trends in privacy laws and enforcement. The publication covered a webinar presented by Mr. Goldberg and Privado CEO Vaibhav Antil. Mr. Goldberg stated, '“although several enforcement actions have targeted websites, mobile apps are also subject to all privacy laws'” He noted how it’s no longer enough for companies to rely on privacy vendors for compliance but must practice due diligence. Mr. Goldberg reviewed California enforcement actions against Honda, Todd Snyder, and Healthline.
“With all three of these examples, ‘these are not companies that did nothing,” he said. ‘These are companies that had measures in place, that had actually used a vendor to implement them, but the way that it was configured was not tracking the law perfectly.’” He also pointed out how enforcements and fines are rising. View Article. (Registration required.)
July 31 2025
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
