A New York court judge refused to dismiss a class-action lawsuit filed against Dapper Labs for allegedly offering NFTs without first registering with the SEC. It is now being speculated how the outcome of this case will impact the SEC vs. Ripple case. On 22 February, a New York court judge refused to dismiss a […]
“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.”
Plaintiffs claimed that without FLOW tokens, no Flow Blockchain transactions can be validated. Indeed, the Flow Blockchain’s ‘Proof-of-Stake’ mechanism requires FLOW to power it and incentivize miners to validate transactions. Therefore, FLOW’s utility adds value to Moments by allowing the network to agree on ownership and the price of each transaction.“The Court is persuaded that the [plaintiff’s complaint] adequately alleges pooling to survive the Motion to Dismiss.
He also cited plaintiffs’ claims that Dapper Labs used funds from the sale of Moments for fundraising and maintaining the value of FLOW tokens. Moreover, his conclusion that what Dapper Labs offered was an investment contract under Howey is too narrow, while other NFTs may not be securities. It is the specific scheme through which Dapper Labs offers Moments that creates the necessary legal relationship between investor and promoter to establish an investment contract, and thus a security.“Only denied our motion to dismiss the complaint at the case’s pleading stage. The judge did not conclude the plaintiffs were right, and it’s not a final ruling on the case’s merits.”Today’s order in the Friel v.
1/ A federal judge in New York has ruled that a complaint "plausibly alleges" that Dapper Labs' initial sale of NBA Top Shot NFTs qualifies as a security under the Howey test.
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