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U.S. judge believes NBA Top Shot Moments fall within the realm of securities

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U.S. judge believes NBA Top Shot Moments fall within the realm of securities

According to The Block, a U.S. federal judge applied the Howey Test and ruled that the "NBA Top Shot Moments" from Dapper Labs' NBA Top Shot could be considered securities under regulations, potentially paving the way for a class-action lawsuit against Dapper Labs.

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According to a report by The Block, a U.S. federal judge applied the Howey Test and determined that the "NBA Top Shot Moments" from Dapper Labs' NBA Top Shot are considered securities under regulations, potentially paving the way for a class-action lawsuit against Dapper Labs.

The judge rejected a motion to dismiss filed by Dapper Labs CEO Roham Gharegozlou, which accused his company of violating securities laws by selling NBA Top Shot "NBA Top Shot Moments" without standard registration and disclosure requirements applicable to other investment contracts.

This article is authorized for reprint from Foresight News, a Chinese content platform in the Web3 vertical sector that adheres to the basic principles of "objectivity" and "neutrality," dedicated to creating a Chinese gateway to the Web3 world.