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A federal court in California has ruled that Bored Ape Yacht Club (BAYC) NFTs are not securities, closing a class-action lawsuit that had challenged the legal status of one of the most well-known digital collectible projects. The decision ends years of uncertainty surrounding Yuga Labs’ compliance with U.S. securities law and marks one of the simplest judicial statements yet on non-fungible tokens’ (NFTs) regulatory classification.

Yuga Labs has formally proposed shutting down the ApeCoin DAO and transitioning its responsibilities to a newly formed entity, ApeCo, as part of a broader operational overhaul.