Altcoins News
By Evie Vavasseur
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Memecoins FRED and GRIFFAIN Aren't Securities. McMahon also ruled on the token side of things. The two Pump Fun memecoins named in the lawsuit —…
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Burwick Law's KOL Problem Is Getting Worse. Twenty-five. That's how many key opinion leaders — KOLs, in the industry shorthand — Burwick Law…
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Judge Colleen McMahon tossed every claim against Solana Labs, Solana Foundation, and their executives. Gone.
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The racketeering allegations — RICO charges — against Pump Fun's parent company, Baton Corporation, and its executives survived the court's review.
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McMahon also ruled on the token side of things. The two Pump Fun memecoins named in the lawsuit — FRED and GRIFFAIN — don't qualify as securities under the Howey Test.
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The Solana Labs dismissal is worth sitting with for a second. The firm was accused of helping to bypass US securities laws and pulling capital out of the market without investor…
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Twenty-five. That's how many key opinion leaders — KOLs, in the industry shorthand — Burwick Law named in the lawsuit but hasn't managed to serve since January 2025.
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Read also: OpenSea Finally Supports Solana NFTs After Four-Year Development Journey
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The accusations against the KOLs are serious. They allegedly promoted Pump Fun tokens while hiding their own compensation and concealing existing positions in those same tokens.
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One of the named individuals goes by "Scooter." That influencer has already threatened to sue Burwick Law for potential defamation.
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The firm's struggle to serve these 25 individuals is now a real liability for the case. Courts don't love delays, and Burwick Law has had months.
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And the stakes on the KOL front aren't small. If those claims get dismissed for failure to serve, Burwick Law loses what's arguably the most attention-grabbing part of its…
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See also: Solana Burns 18.9 Million SOL While Bitcoin Chases Quantum-Proof Security
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