Bayc’s legal ruling, Dalio’s warning and our thoughts

Good evening, everyone. In the past few days, even the simplest news in the crypto sector has sparked a lot of discussion. On the one hand, the court’s ruling—bored ape yacht club (bayc) NFTs cannot be considered securities, and on the other hand, the famous investment professional Ray Dalio’s comment that Bitcoin’s main weakness may be its code. Looking at these two news items together, I am sharing some of my personal thoughts.

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First, the bayc’s ruling. The court says that when NFTs are subjected to the Howey test, there is no evidence of “common enterprise” or “expectation of profit on the issued enterprise authority”. The important factors here—the way the NFTs were sold or marketed were as collectibles and membership benefits; the sales were made on third-party marketplaces; and the creator’s royalty and sales distribution process is so decentralized that the buyers’ expectation of profit does not depend directly on the actions of any issuer. In simple terms, the information and process to call them simply ‘investment agreements’ was not available in court.

This ruling is a relief for NFT creators and marketplaces. Many creators and platforms will be able to continue operating as before—but it would be a mistake to think of this as permanent protection. The outcome may be different in different cases in the future, based on various events—the realities of each case are important.

On the other hand, Ray Dalio’s comment—he said that while some people see Bitcoin as ‘money’, one of its real weaknesses is its code. He thought that any technical weakness or regulatory intervention could affect the code—and that could question the legitimacy of the asset. He also said that privacy limitations and increasing acceptance by central banks are difficult—that’s why Bitcoin is used more as a store of value today, not as a full reserve currency. Dalio himself has both gold and Bitcoin in his portfolio, but not much—he said.

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When we read these two news stories together, a clear picture emerges: the crypto market is gradually coming to the attention of the 'adults'—legal scrutiny is increasing, and at the same time, questions about technical and good governance are also gaining strength. In other words, the market is maturing, but maturity does not mean that all risks are gone—rather, the way we perceive risks is changing.

One thing that is inspiring to me is that all these events show that crypto is not a completely black and white matter. In some places, the legal space is becoming clearer; in other places, questions of technical weaknesses or regulation are emerging. That is why anyone who wants to invest needs to be sensitive. Instead of jumping in quickly, let's test slowly, look at the data, and not make decisions based on risk.

Finally, they remind everyone that crypto is not just a technological or financial instrument; it is also a kind of social and regulatory experiment. Hopefully, there is something to learn from mistakes; let's not forget about caution.