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US Courts to Decide If NFTs Are Securities as DraftKings Case Goes to Trial
As a judge clears the DraftKings NFT class action lawsuit to go to trial, it's courts that could decide whether NFTs are securities.
A U.S. District Court judge in Massachusetts has denied DraftKings' motion to dismiss a class action lawsuit alleging its NFTs are unregistered securities, potentially setting the stage for a landmark trial that could reshape the NFT landscape. This diverse range of applications demonstrates the versatility of NFT technology, but also highlights the complex regulatory challenges ahead as these tokens increasingly resemble traditional securities or financial instruments. The case bears similarities to the recent Dapper Labs settlement, where the company agreed to pay $4 million to resolve a class action suit over its NBA Top Shot NFTs.
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