A U.S. federal judge has ruled that NBATopShot NFTs from dapperLabs could be considered securities, in violation of securities laws, following a year-and-a-half class-action lawsuit against Dapper Labs and CEO Roham Gharegozlu.
The offering of Dapper Labs’ NBA-branded “Top Shot” non-fungible tokens might be securities, a federal judge ruled Wednesday.
According to the ruling, Dapper Labs’ FLOW tokens – while not necessarily securities themselves – are “necessary to the totality of the scheme at issue.” “Basketball cards are not securities. Pokemon cards are not securities. Baseball cards are not securities. Common sense says so. The law says so. And courts say so,”However, Judge Marrero disagreed in his Wednesday ruling, which denied Dapper Labs’ motion to dismiss the lawsuit.The judge said he found that the first prong, an investment of money, was “adequately pled,” noting neither party had an objection to that prong.
Marrero added that the “purchasers’ fortunes were tied to the overall success of Dapper Labs,” because Dapper Labs controlled the Flow Blockchain as well as the online marketplace where the Moments were sold and traded. “As to the allegations here, the Court finds that Defendants’ public statements and marketing materials objectively led purchasers to expect profits,” the judge wrote, using screenshots of Top Shot tweets as examples.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Dapper Labs Fails to Stop Class Action Lawsuit over NBA Top Shot NFTs | CoinMarketCapA federal judge ruled that the once-hugely-popular NFT video clips known as Moments are likely enough to be securities that a class action lawsuit can go forward.
Baca lebih lajut »
Dapper Labs said to lay off 20% more of its full-time employeesThe CEO says the company is restructuring and has a 'strong cash position.'
Baca lebih lajut »
Dapper Labs Ruling Could Spell Trouble for Other Centralized NFT Projects, Experts SayIf Dapper Labs’ NBA Top Shots Moments are found to be securities, the company and its CEO could potentially face civil and criminal penalties for selling unregistered securities.
Baca lebih lajut »
Dapper Labs Axes Another 20% of its Staff as Crypto Layoffs ContinueThe layoffs across the crypto industry have continued despite the 2023 market recovery with Dapper Labs being the latest to axe staff.
Baca lebih lajut »
Bitcoin NFTs: What Are Ordinal NFTs and How Do You Mint One?Lately the buzz is all about Bitcoin NFTs, which are also known as Ordinal NFTs or Bitcoin Ordinals. If you're wondering how they work and how to create one, CoinDesk's gckaloudis walks you through one of the ways to mint your very first Ordinal NFT.
Baca lebih lajut »