NBA's 'Top Shot' NFTs Are Securities, Judge Rules in Dapper Labs Case

Dapper Labs’ NBA-branded “Top Shot” non-fungible tokens are plausibly securities, a federal judge ruled Wednesday.
"The Court finds that Plaintiffs’ allegations render each consideration under Howey facially plausible and survive Defendants’ Motion to Dismiss the alleged violation of Sections 5 and 12 of the Securities Act," the ruling said.
This is a developing story and will be updated.
Related news
Policy
Mar. 22, 2023

SEC Warns Coinbase It's Pursuing Enforcement Action Over Securities Violations
Crypto exchange Coinbase (COIN) may soon face an enforcement action tied to its listing of potential unregistered securities, the company said Wednesday. Coinbase disclosed the SEC alleged the U.S.-based company may be operating in violation of ...
Policy
Mar. 22, 2023

SEC Sues Jake Paul for 'Illegally Touting' Justin Sun-Linked Cryptos
Internet personality Jake Paul was sued by the U.S. Securities and Exchange Commission over his alleged illegal promotion of cryptocurrencies tied to Justin Sun. Paul “illegally touted” cryptocurrencies “TRX and/or BTT” without disclosing he was...
Policy
Mar. 22, 2023

Tron Founder Justin Sun Sued by U.S. SEC on Securities, Market Manipulation Charges
The U.S. Securities and Exchange Commission sued Justin Sun Wednesday on allegations of selling and airdropping unregistered securities, fraud and market manipulation. The SEC said in a press release it was suing Sun, the Tron Foundation, the Bi...
Policy
Mar. 22, 2023

SVB Financial’s First Bankruptcy Hearing ‘Wasn’t Really So Routine,’ Says Legal Expert
A $2.1 billion fight is brewing between SVB Financial Group, once the parent company of Silicon Valley Bank (SVB), and the Federal Deposit Insurance Corporation (FDIC). SVB Financial, in its first bankruptcy hearing in a federal court in New Yor...
Policy
Mar. 22, 2023

GOP Sen. Ted Cruz Proposes Ban on a CBDC
Sen. Ted Cruz (R-Texas) introduced a bill on Tuesday aimed at blocking the Federal Reserve from creating a consumer-based central bank digital currency, or CBDC. "The federal government has no authority to unilaterally establish a central bank c...
Policy
Mar. 22, 2023

French Lawmakers Agree to Effectively Ban Crypto Influencer Promotions
French social-media influencers wouldn’t be allowed to hawk unlicensed crypto products under a plan voted on by lawmakers on a key legislative committee Wednesday. The National Assembly’s Economics Committee voted in favor of a law designed to s...