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Ripple case vs SEC Dapper Labs

NBA Top Shot Ruling Is ‘Net Positive’ For Ripple, Here’s Why

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Yesterday’s ruling by a U.S. District Judge on Dapper Labs’ motion to dismiss a lawsuit alleging that NBA Top Shot NFTs are an unregistered security may have a “net positive” impact on Ripple’s case against the U.S. Securities and Exchange Commission. At least that’s what James “MetaLawMan” Murphy, an attorney and strategic advisor, claims.

District Judge Victor Marrero stated in his decision that Dapper Labs’ NFT collection appears to meet the requirements of a security under the Howey test. Based on this, he denied Dapper Labs’ motion to dismiss.

NBA Top Shots was launched by Dapper Labs in 2021 and is one of the most successful NFT collections of all time. NFT buyers can collect video highlights from the National Basketball Association (NBA) released by the company.

Related Reading: Ripple: SEC Chair Gensler Hides Dirty Secrets, CryptoLaw Unveils Them

In May 2021, Dapper Labs was sued by a plaintiff alleging that the Top Shots collection was an unregistered security. By failing to register with the SEC, the company allegedly violated U.S. securities laws, harming consumers.

What Are The Implications For Ripple?

Attorney James Murphy explained in a series of tweets that the federal judge in New York ruled that the lawsuit “plausibly alleges” that Dapper Labs’ initial sale of NBA Top Shot NFTs qualifies as a security under the Howey test.

Nevertheless, he does not believe that this ruling should have any impact on the analysis in Ripple vs. the SEC. The first key difference is that the Top Shot decision is a ruling on a motion to dismiss, while Ripple is at the summary judgment stage, where the judge considers the evidence presented by the parties.

Related Reading: Will Ripple Vs. SEC Go To Supreme Court? It May Be Favorable

In addition, Judge Marrero is not addressing the sale of Top Shot NFTs on the secondary market. Judge Marrero added that this ruling should not apply across the board to all NFTs, but that each should be evaluated on a case-by-case basis:

Not all NFTs offered or sold by any company will constitute a security.

The key factor in the decision, however, could also be a strong argument for Ripple, according to Murphy:

The Judge cited the fact that Top Shots trades on a private blockchain run by the issuer as a key factor in his ruling. XRP trades on a public blockchain. For this reason, the Top Shot opinion could be considered net positive for Ripple. Not a legal opinion – just a tweet.

XRP community attorney John E. Deaton emphasized on Twitter that the judge’s decision is by no means final. The judge “merely denied a rarely granted” motion to dismiss, meaning the case will continue with the discovery phase.

“The Judge may still rule that these NFTs are NOT securities or he/she may conclude that they are, or may rule that a jury must decide factual issues before the judge can rule. In sum, this case hasn’t even begun!” Deaton said.

At press time XRP was trading at $0.3942.

Ripple XRP USD
XRP price, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from Tingey Injury Law Firm / Unsplash, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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