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Massachusetts Judge Denies DraftKings' Motion to Dismiss Class Action NFT Securities Lawsuit

Jul 3, 2024, 06:08 AM

A Massachusetts judge has denied DraftKings' motion to dismiss a class action lawsuit that alleges its NFTs are securities. The court found that the complaint plausibly alleges that the DraftKings NFTs are investment contracts under the Howey test. This decision means that the case will proceed to trial, where US courts will determine if NFTs are considered securities.