Dapper Labs Motion to Dismiss Denied
A federal judge has denied Dapper Labs motion to dismiss a class action complaint that NBA Top Shot Moments are securities, according to a reports from tier10k and IP lawyer Jeremy Goldman.
❗Why It Matters
It's important to distinguish that this motion does not mean that Moments are deemed securities, but instead that the federal court judge will not dismiss the case entirely and it will proceed for the time being. Regulatory scrutiny is always a looming concern for cryptocurrencies and NFTs, and if Moments were to be deemed securities, it would dramatically shake up web3's present and future.
A snippet from the court doc, pulled courtesy of Jeremy Goldman:
"In the most general terms, the Court is asked to assess whether Moments are more like cardboard basketball cards, i.e., commodities, or more like crypto tokens. As the ICO Cases reveal, tokens offered as part of ICOs often bear the hallmarks of a security..."
🎤 Community Quotes
So far from the truth dude please don't shill salacious headlines. The motion to dismiss was denied, the case is literally only just starting. Literally plaintiffs just pleaded the BEAR [sic] MINIMUM to keep the case going forward. No evidence was even discovered or brought to court yet.Mr. Lawyer