Court Determines That NFTs Qualify for Trademark Protection, U.S. Crypto Adoption Up From 6% to 14%, GS & BNY Tokenize Funds (#218 - 29 July 2025)

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1. Court determines that NFTs qualify for trademark protection

The Ninth Circuit Court of Appeals has issued a significant ruling in the case between Yuga Labs, creators of the Bored Ape Yacht Club, and Ryder Ripps, an artist who intentionally sold copies of the NFTs as "expressive appropriation art."

The court affirmed that the NFTs are “goods” that can receive trademark protection, rejecting many of the artist’s legal arguments.

Yuga Labs originally sued Ripps in June 2022, accusing him of devaluing the original collection by selling NFTs through his project, Ryder Ripps Bored Ape Yacht Club, which featured images identical to the original BAYC collection.

The artist argued this was protected under his First Amendment right as artistic expression and nominative fair use. Yuga Labs, on the other hand, argued it was a violation of intellectual property.

The court found that NFTs are "goods" under the Lanham Act, which governs trademarks and unfair competition, deciding that Yuga Labs is entitled to trademark protections for its Bored Ape NFTs.

This decision can have significant implications for NFT law moving forward, setting a precedent that enables brand owners to sue anyone who uses their intellectual property without permission.

It’s important to note that while the court has determined that Yuga Labs was legally in the right, it is not clear that consumers in this case experienced brand confusion. This is why the court sent the case back to a lower court to determine, on a factual basis, if there was confusion.

Definitely a development to follow!

2. 14% of Americans own crypto vs. 6% four years ago

A new Gallup survey found that just 14% of U.S. adults own crypto, a figure that has grown from 6% four years ago but still represents a small slice of the investing public.

There are many interesting insights from this report.

First, the study, conducted in June 2025, revealed deep skepticism about cryptocurrencies. Sixty percent of respondents said they have no interest in ever buying cryptocurrency, and just 17% admitted they’re intrigued.

Gallup also found that among U.S. investors owning more than $10,000 in stocks, bonds, or mutual funds, 55% considered the asset class “very risky.”

Second, there is a stark demographic divide.

While one in four men aged 18 to 49 owns crypto, the survey found that ownership drops sharply among women and older adults.

College graduates, political conservatives and high-income earners report above-average participation, but seniors and low-income households remain largely absent.

Third, there is still a massive education gap on crypto. While nearly everyone surveyed had heard of crypto, only 35% said they actually understood how it works. Familiarity was, perhaps unsurprisingly, highest among younger men and wealthier individuals

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3. Satoshi-era Bitcoin investor cashes out 80,000 BTC for $9 billion

Crypto broker Galaxy announced that it had sold 80,000 Bitcoin, valued at over $9 billion in today's prices, from an early Bitcoin investor.

The crypto firm stated that this transaction was made for estate planning purposes. This early investor had bought these 80,000 Bitcoin in 2011 at a cost of $54,000.

There are a couple of interesting aspects here. First, the identity of the seller is still not known. While this is an early Bitcoin investor, the timing makes sense, especially if this early investor is American. It's possible that an agreement was also reached regarding the tax impact of this transaction.

Second, the fact that eighty thousand Bitcoin were sold with very limited impact on crypto markets is quite incredible. This shows that there is still tremendous demand for Bitcoin and this would have never been possible just a couple of years ago.

Whether this investor was lucky or made the best investment of all time remains to be seen, but a return of over 16 million% (or over 160,000 times the initial investment) is not something you see every day!

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4. Crypto custodian BitGo and crypto exchange Bullish are the latest firms reportedly exploring going public.

This isn't surprising, given the reignited investor interest in public crypto companies, largely fueled by clearer regulations and growing institutional influence.

As we've reported previously, you should expect most large crypto firms—especially those with external private equity or venture capital funding—to announce their intentions to go public. Many of these firms rightly believe this is the right move, especially that there's incredible investor interest in crypto stocks.

One key driver here is that many institutional investors aren't allowed to buy Bitcoin or crypto directly, nor can they invest in Bitcoin or crypto ETFs. However, purchasing individual stocks that are crypto-linked is generally accepted.

This is positive not just for the crypto firms themselves, but also for the entire ecosystem of bankers and other service providers who will benefit from this boom.

5. GS and BNY team up to offer tokenized money market funds

Bank of New York Mellon and Goldman Sachs are rolling out tokenized money market funds for clients.

BNY, which is one of the oldest and largest custody banks in the world overseeing $53 trillion of assets, announced that it will start offering institutional investors tokenized versions of money market funds like those of BlackRock or Fidelity.

Ownership records and transactions will be recorded on Goldman Sachs Digital Asset Platform's blockchain.

We should expect to see most other financial institutions announce similar plans over the coming months. Treasury and other money market funds have been the killer app of real world assets or tokenization.

The market for tokenized U.S. Treasuries topped $7 billion this year, more than tripling in a year. While rapidly growing, that's only a fraction of the overall $7 trillion money market fund market.

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Henri Arslanian

*Please note that this newsletter reflects Henri’s personal views and not those of any organisation he is involved with. This newsletter is for educational purposes only, and none of its content should be construed as investment or financial advice of any kind.