![]() ![]() It also alleges that NBA Top Shot intentionally prevented collectors from withdrawing funds for “months on end” in order to artificially inflate the market value of the platform. The class action lawsuit was filed in May 2021 by plaintiff Jeeun Friel for allegedly selling NFTs as unregistered securities. Judge Victor Marrero also ruled that: “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.” Not all NFTs offered or sold by any company will constitute security, and each scheme must be assessed on a case-by-case basis.” “Ultimately, the Court’s conclusion that what Dapper Labs offered was an investment contract under Howey is narrow. A transaction that is determined to be an investment contract is considered to be a security. securities laws, according to the court filings. Dapper Labs now has 21 days to respond to the court’s decision.įor the verdict, the judge reviewed the Howey test, which determines whether the NFTs qualified as an investment contract subject to U.S. In denying the motion, the court authorized the case to proceed. ![]() ![]() The ruling came as federal judge Victor Marrero denied a motion from Dapper Labs CEO Roham Gharegozlou to dismiss a class-action lawsuit claiming its NBA Top Shot NFTs are securities. NBA Top Shot Moments nonfungible tokens may be considered a security under the United States security laws, a federal judge said in a Feb. ![]()
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