The New York court dismissed the securities charges in the Pump Fun class action

Wu stated that according to counsel Ariel Givner, the Federal Court for the Southern District of New York dismissed the securities charges against the relevant meme currency in the Pump Fun class action and rejected all claims against Solana Labs, Solana Foundation and related executives. The court held that the currency in question did not satisfy the “common cause” element of Howey Test. Pump Fun is not yet completely released, and allegations of fraud and suspected unlicensed money transfer operations have been allowed to move forward on the early issuance of R, its operating company and its three founders, and the case will enter the evidence disclosure phase。