According to federal judge Victor Marreo, NBA Top Shot Moments NFTs meet the requirements to qualify as securities.
NBA Top Shot Moments nonfungible tokens may be considered a security, as it meets the requirements under the United States security laws, according to court filings on Feb 22.
The decision comes 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. Upon 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 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. the Securities and Exchange Commission announced an
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