Altcoins News
By James Thorp
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Memecoins FRED and GRIFFAIN Don't Count as Securities. McMahon also knocked out the Securities Act allegations against Pump Fun.
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25 Unnamed KOLs Still a Problem for Burwick Law. Here's where things get complicated for Burwick Law.
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Judge Colleen McMahon tossed claims against Solana Labs and the Solana Foundation — along with their executives — from the Pump Fun lawsuit.
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The dismissal is a clean win for Solana Labs. But the lawsuit isn't going away. Racketeering allegations — wire fraud, illegal gambling, unlicensed money transmission — survived…
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So the picture is messy. Some claims live, some die, and the parties left holding the bag are Baton Corp and its leadership.
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McMahon also knocked out the Securities Act allegations against Pump Fun. The argument was that the platform offered unregistered securities — but the judge didn't buy it, at…
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Ariel Givner, founder of a crypto law firm, pushed back a bit on the broader takeaway. Not all memecoins get that pass, she said — it's specific to situations where no shared…
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Unjust enrichment claims got tossed too.
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Here's where things get complicated for Burwick Law. The firm has 25 unnamed key opinion leaders — KOLs — in the suit, accused of promoting Pump Fun tokens while hiding both…
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McMahon pressed Burwick Law on that. Hard. The firm now has until September 10 to explain why those claims shouldn't be dismissed outright for failure to identify and serve the…
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See also: Sonys Buy Now Buttons Under Fire in Class Action for False Advertising
12 / 15
Among the named defendants is a crypto influencer who goes by "Scooter." He's threatened to counter-sue Burwick Law for defamation.
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The original lawsuit pulled in Solana Labs and Jito Labs together. The theory was that both entities worked to sidestep US securities laws and pull capital out of the US market…
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That's a significant narrowing of the defendant list. What started as a wide-net lawsuit targeting major infrastructure players in the Solana ecosystem has pulled back…
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The $1.5 billion fraud figure that was floated when Jito Labs was still in the case hasn't disappeared from the conversation entirely, but the legal strategy around it has…
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