Solana Labs, Solana Foundation, Solana’s Anatoly Yakovenko, VC firm Multicoin Capital, Kyle Samani of Multicoin and trading desk FalconX have been named in a potential class-action lawsuit.
crypto law founder John Deaton In the wake of Solana’s latest lawsuit, dozens, if not hundreds, of class action are likely to be filed.
only start if #XRP Security is considered. Hundreds if not dozens of class actions will be filed – but not just exchanges (@ coinbase had already been sued) but the alleged promoter of an altcoin. @ Wave trial was already over #XRP – similar to #sol Below https://t.co/ipf7bibh6E— John E Deaton (205K followers beware) (@JohnEDeton1) 7 July 2022
Solana Labs, Solana Foundation, Solana’s Anatoly Yakovenko, VC firm Multicoin Capital, Multicoin’s Kyle Samani, and trading desk FalconX have been named in a potential class-action lawsuit brought by California citizen Mark Young for late buying SOL. claim to. summer 2021.
Young claims in the complaint that SOLs were made and sold that met all three criteria outlined in the Howe test, a decision of the US Supreme Court that is often used as a criterion to determine whether a transaction Whether involving the sale of securities.
The lawsuit also alleges that Multicoin, a leading cryptocurrency venture capital firm with significant investments in the Solana ecosystem, “unloaded millions of SOLs” at retail after “consistently” promoting the token despite the technical difficulties of the Solana blockchain.
crypto law founder If XRP loses the case against the SEC, this could be just the beginning. The regulator filed an action against Ripple Labs Inc. and two of its executives in December 2020, alleging that they raised more than $1.3 billion through an unregistered, digital asset securities offering.
The answer to Jason’s question is simple. About the SEC’s Argument #XRP makes #XRP By far the most important altcoin in crypto. The SEC is alleging that today’s #XRP – Token itself – is a security, consisting of secondary market sales – independent of @ Wave, https://t.co/gbSiwSEDKX— John E Deaton (205K followers beware) (@JohnEDeton1) 7 July 2022
The complaint alleges that Ripple raised funds in 2013 through the sale of a digital asset known as XRP in an unregistered security offering to investors in the US and around the world.
John Deaton believes the SEC’s argument about XRP makes it “the most important altcoin in crypto” and could potentially determine whether the SEC has jurisdiction over existing altcoins that have been traded for years. are doing.
He continued, “This is the functional equivalent of claiming to be a security in Howe’s Oranges or Trees. If successful, almost every other altcoin is a security.”