Blockchain Association Lawyer Says US Courts Shouldn't Rule Private NFTs Securities

The Lawyer Doesn’t Think Any Decision Has Been Made On The NFTs 

On Twitter, a number of lawyers, including Chervinsky, reiterated that the judge's denial of the motion does not indicate that a decision has been made regarding the lawsuit; rather, it only indicates that it was "facially plausible."

Judge let the case go past the motion to dismiss because the securities claims were at least "plausible," which is a very low bar and not a final decision.

Judge Says Not All NFTs Constitute As Securities

Judge Marreo denied the motion to dismiss the lawsuit. He stated that the method by which Dapper Labs provides the Moments NFT possibly establishes a sufficient legal relationship between investors and themselves, meeting the Howey Test's requirements for an investment contract.

However, Judge Marreo stated that not all NFTs will constitute securities and that each case will need to be evaluated on a case-by-case basis, so it is unlikely that this case's final ruling will set a precedent for NFTs.