Juez federal niega la moción de desestimación de Dapper Labs

• Dapper Labs tiene 21 días para responder al fallo.
• Ha habido una conversación cada vez mayor sobre qué activos digitales califican como valores.

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un juez federal gobernó on Wednesday that Dapper Lab’s “NBA Top Shot Moments” qualify as securities as they meet the criteria under the United States security law. Judge Victor Marrero denied Dapper Labs CEO Roham Gharegozlou’s request to dismiss a class action lawsuit claiming that the company’s NBA Top Shot NFTs are securities.

La demanda, que se presentó hace un año y medio, afirma que Gharegozlu y Dapper Labs ofrecieron su colección NFT sin registrarse primero en la Comisión de Bolsa y Valores de EE. UU. (SEC), violando así la ley federal de valores.

By denying Dapper Labs’ dismissal motion, Judge Marrero authorized the case to proceed. According to the court documents, the judge reviewed the Howey Test to assess if the NFTs met the criteria for an investment contract covered by U.S. securities laws before reaching a decision.

“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 read.

Judge Marreo ruled that Dapper Labs’ FLOW tokens, though not necessarily securities themselves, are “necessary to the totality of the scheme at issue.” The federal judge noted that “without FLOW tokens, no transactions on the Flow Blockchain can be validated.”

The ruling added that the “Proof-of-Stake’ mechanism employed by the Flow Blockchain requires FLOW to power it and incentivize miners to validate transactions. In that respect, FLOW’s utility creates value for Moments through the network’s consensus as to ownership and the price of each transaction.”

Judge Marreo, however, noted that “not all NFTs offered or sold by any company will constitute a security, and each scheme must be assessed on a case-by-case basis.” 

Explaining Dapper Labs’ peculiarity, the ruling said,

Es el esquema particular por el cual Dapper Labs ofrece Momentos que crean la relación legal suficiente entre inversionistas y promotor para establecer un contrato de inversión, y este un valor, bajo Howey.

Reacting to the ruling, a Dapper Labs spokesperson noted that Wednesday’s decision “only denied the defendant’s motion to dismiss the complaint.” The spokesperson claimed the ruling “did not conclude the plaintiffs were right, and it is not a final ruling on the merits of the case.”

Judge Marreo’s ruling is part of a larger discussion concerning whether different digital assets should be classified as securities. Earlier this month, the SEGUNDO anunció que había llegado a un acuerdo de $30 millones con el intercambio de criptomonedas Kraken por sus servicios de participación. El gobierno de los EE. UU. también está investigando a los asesores de inversiones tradicionales de Wall Street que brindan a los clientes la custodia de los activos digitales sin tener la licencia adecuada.

Dapper Labs tiene 21 días para responder al fallo.

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