The Feds Think Bored Ape Yacht Club Was Up to Some Monkey Business

The government is sending a message to crypto true believers.

The fear is, then, that the SEC probe into BAYC—lotta acronyms ’round these parts!—will not only entrench a definition of NFTs as financial securities, but also provide yet another signal as to how the SEC will approach well-known tokens that are explicitly linked to such collectives, like ApeCoin.

ApeCoin ownership also grants you, a virtual collective of real people who can vote on certain proposals and decisions governing group conduct as well as appropriate use of the simian tokens. NFTs and financial instruments firmly connected with relevant networks. There was a similar reasoning at play when it came to last week’sregarding an Instagram post in which she hawked a strange crypto token that was fastened to its own individual network of contracts and already-minted tokens.

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