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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
In Suits and Ties, Lawyers Protest Trump’s Attacks on the Legal System
The New York Times quotes Ronald C. Minkoff in its coverage of the May 1, 2025 National Law Day of Action, in which approximately 1,500 people in Manhattan protested the U.S. president’s threats against judges, lawyers and the rule of law. Legal groups organized attorneys across the country to show their opposition to the Trump administration’s defiance of court orders, targeting of law firms, and wrongful deportations. The lawyers reaffirmed their promise to uphold the rule of law and recited the Pledge of Allegiance. Foley Square protest organizers requested that attorneys dress in suits—as if going to court and carry pocket Constitutions. “‘We want people to see that we treat this issue with utmost respect,’ said Ronald C. Minkoff, a defense lawyer and an organizer. ‘This is like the courtroom to us.’” View Article
May 1 2025
Attys Join Nationwide ‘Day Of Action’ Rallies For Rule Of Law
Law360 quotes Ronald C. Minkoff on the thousands of attorneys who rallied across the country on May 1, National Law Day, to publicly oppose the Trump administration’s attack on the rule of law. The article stated, “New York County Lawyers Association vice president and noted legal ethics expert Ron Minkoff of Frankfurt Kurnit Klein & Selz, PC, said the rallies came together fairly organically as bar associations across the country began looking at ways to spotlight the Trump administrations actions against judges and lawyers and then realized National Law Day of Action was just a few weeks away.” Mr. Minkoff stated that he doesn’t normally go to demonstrations but these are things that stir him to action. “’When the ability of lawyers to represent their clients is under threat, that is an attack on one of the pillars of the American system, the American experiment,’ he added.” View article. (Behind paywall)
May 1 2025
Jonah Brill and Spouse Emma Brill Featured on Cardozo Law School Podcast
Jonah Brill and his wife Emma Brill are interviewed on their alma mater’s audio publication SPARKS: A Cardozo School of Law Podcast | Cardozo Law. Having met as first-year law students at the Benjamin N. Cardozo School of Law, they discuss how their law school affected their personal lives and chosen career paths. They share their class recommendations, “insights into the complexities of tax law,” and “lessons learned along the way.” Listen here.
April 8 2025
