{"id":21935,"date":"2024-06-04T12:30:52","date_gmt":"2024-06-04T09:30:52","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21935"},"modified":"2024-06-04T09:45:14","modified_gmt":"2024-06-04T06:45:14","slug":"dapper-labs-settles-4-million-lawsuit-ceo-reaffirms-nba-top-shot-nfts-are-not-securities","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/dapper-labs-settles-4-million-lawsuit-ceo-reaffirms-nba-top-shot-nfts-are-not-securities\/","title":{"rendered":"Dapper Labs Settles $4 Million Lawsuit, CEO Reaffirms NBA Top Shot NFTs Are Not Securities"},"content":{"rendered":"<p>CEO <strong>Roham Gharegozlou<\/strong> of Dapper Labs&#8217; <strong>$4 million<\/strong> settlement agreement to close a class-action lawsuit against the company restates that NBA Top Shot nonfungible tokens (<strong>NFTs<\/strong>) are not securities.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/dapper-labs-settles-4-million-lawsuit-ceo-reaffirms-nba-top-shot-nfts-are-not-securities\/#Settlement_Details_and_Legal_Standpoints\" title=\"Settlement Details and Legal Standpoints\">Settlement Details and Legal Standpoints<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/dapper-labs-settles-4-million-lawsuit-ceo-reaffirms-nba-top-shot-nfts-are-not-securities\/#Business_Adjustments_and_Future_Implications\" title=\"Business Adjustments and Future Implications\">Business Adjustments and Future Implications<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Settlement_Details_and_Legal_Standpoints\"><\/span>Settlement Details and Legal Standpoints<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>In a June 4 <a href=\"https:\/\/x.com\/roham\/status\/1797832569238483244\">X post<\/a>, Gharegozlou stated that a class group of investors claiming the company sold unregistered securities had reached a settlement agreement with the company.<\/p>\n<p><strong>Gharegozlou<\/strong> pointed out that the legal discovery of the class action revealed the NBA Top Shot Moments NFTs Dapper created were on <em>&#8220;a decentralized public network,&#8221;<\/em> meaning the tokens <em>&#8220;are not securities in the same way trading cards are not securities.&#8221;<\/em><\/p>\n<p>The June 3 settlement agreement submitted to a New York District Court reveals <strong>Dapper Labs<\/strong> is ready to pay the $4 million settlement sum should the plaintiffs\u2014led by Jeeun Friel\u2014agree to quit alleging the NFTs were securities.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Business_Adjustments_and_Future_Implications\"><\/span>Business Adjustments and Future Implications<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Dapper<\/strong> also makes business changes to ensure the distribution of the Flow blockchain, depositing and transferring ownership of any remaining Flow (FLOW) tokens to the Flow Foundation. It also promised to implement an annual staff training course covering federal securities rules, which is obligatory by nature.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/wisconsin-pension-fund-embraces-bitcoin-etfs\/\"><em><span style=\"font-weight: 400;\">This Might Interest You:\u00a0<\/span>Wisconsin Pension Fund Embraces Bitcoin ETFs<\/em><\/a><\/p>\n<p>District Judge Victor Marrero, who is handling the matter, still has to approve the deal.<\/p>\n<p><em>&#8220;Beyond our win today, effective communication with legislators and regulators determines the direction of our industry and open digital systems,&#8221;<\/em> Gharegozlou added. <em>&#8220;Dapper Labs will keep interacting at all levels to help guarantee appropriate approaches to this new technology.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CEO Roham Gharegozlou of Dapper Labs&#8217; $4 million settlement agreement to close a class-action lawsuit against the company restates that NBA Top Shot nonfungible tokens (NFTs) are not securities. Settlement Details and Legal Standpoints In a June 4 X post, Gharegozlou stated that a class group of investors claiming the company sold unregistered securities had<\/p>\n","protected":false},"author":6,"featured_media":21936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,1],"tags":[6610,6612,6611],"class_list":["post-21935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-genel","tag-dapper-labs","tag-non-fungible-token-nft","tag-roham-gharegozlou"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dapper Labs Settles $4 Million Lawsuit, CEO Reaffirms NBA Top Shot NFTs Are Not Securities<\/title>\n<meta name=\"description\" content=\"Dapper Labs CEO Roham Gharegozlou announces a $4 million settlement in a class-action lawsuit, emphasizing that NBA 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