BREAKDOWN: Class-Action Lawsuit Accusing Digital Basketball Cards of Being Securities Allowed to Proceed

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4.7 • 698 Ratings

🗓️ 24 February 2023

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

NBA Top Shot from Dapper Labs is the latest digital asset to face security scrutiny. On today’s episode, NLW covers the ruling of a federal judge in New York allowing a class-action lawsuit to proceed against Dapper Labs for allegedly offering unregistered securities. He also covers a new slate of charges against Sam Bankman-Fried, disgraced founder of FTX. - “The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Westend61/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. - Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.3	The breakdown is produced and distributed by CoinDes.
0:20.5	What's going on, guys? It is Friday, February 24th, and today we are talking about whether
0:25.7	NFTs or securities, about SPF getting more charges. It is a Friday extravaganza, and I am excited
0:31.5	to have you here. Before we get into that, however, if you are enjoying the breakdown,
0:35.1	please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the
0:40.7	Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pot.
0:45.9	All right, friends, happy Friday. Today we are catching up with some interesting legal
0:50.2	developments to close out our week here. We're going to start with Dapper Labs, and for those unfamiliar, Dapper were the creators
0:56.9	of CryptoKitties and then later NBA Topshot.
1:00.2	In many ways, NBA Topshot was the first mainstream breakout of the NFT bull market that brought
1:05.1	a huge number of new people into the space around 2020, 2021.
1:09.4	Well, recently, Dapper has been facing a class action lawsuit, which
1:12.8	is predicated on the idea that Topshots are unregistered securities. Now, it's important to note here
1:17.9	that this is a group of plaintiffs making this argument, not the SEC. Now, because of this,
1:22.4	Dapper lawyers have tried to get the case thrown out on the basis of Topshots clearly and obviously
1:27.0	not being securities.
1:28.7	On Wednesday, a number of headlines were shared on Twitter that were somewhere between
1:32.7	intentionally and unintentionally misleading and which were, in either case, clickbaity and not exactly
1:38.0	accurate. Those headlines all read some version of judge declares NBA top shots to be a
1:43.8	security, but that wasn't exactly
	...

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