This lawsuit could potentially force the SEC's hand.
. Some experts, however, don't really think that the SEC is ready or willing to deal with what rule-making may entail.
"I see very, very, very little likelihood that the SEC is going to want to step in there and... characterize [BAYC] as a security," Brian Fyre, a University of Kentucky law professor, told. "I think they're going to resist that tooth and nail, because that would open up a huge can of worms for them and force them to regulate all manner of other things that they don't want to be regulating.
Regulating NFTs would likely mean that the body would need to regulate the art market as a whole, and aspoints out, the SEC has never been keen on doing so. It might be more likely that in the case at hand, the commission names ApeCoin as a security — but avoids doing the same for digital artwork.
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