The NBA Top Shot Moments NFT collection by Dapper Lab might be considered securities, according to US laws.
NBA Top Shot Moments nonfungible tokens may be considered a security under the United States security laws, a federal judge said in a Feb. 22 court filing.
The ruling came as federal judge Victor Marreo denied a motion from Dapper Labs CEO Roham Gharegozlou to dismiss a class-action lawsuit claiming its NBA Top Shot NFTs are securities. In denying the motion, the court authorized the case to proceed. Dapper Labs now has 21 days to respond to the court’s decision.
For the verdict, the judge reviewed the Howey test, which determines whether the NFTs qualified as an investment contract subject to U.S. securities laws, according to the court filings. A transaction that is determined to be an investment contract is considered to be a security. “Ultimately, the Court’s conclusion that what Dapper Labs offered was an investment contract under Howey is narrow. Not all NFTs offered or sold by any company will constitute security, and each scheme must be assessed on a case-by-case basis.”“Rather, it is the particular scheme by which Dapper Labs offers Moments that creates the sufficient legal relationship between investors and promoter to establish an investment contract, and this is a security, under Howey.
This decision comes amid a broader debate about whether different digital assets should be considered securities. On Feb. 9, the U.S. Securities and Exchange Commission announced an
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