Five proposed crypto class actions in NY over unregistered securities dismissed

Five proposed crypto class actions in NY over unregistered securities dismissed


Five proposed class-action lawsuits against crypto firms have been voluntarily dismissed without prejudice in New York federal courts — without costs or attorney fees to any party.

Quantstamp, Status Research, Civic Technologies, HDR Global Trading, and Kaydex are off the hook, however related cases are ongoing.

The five class-action lawsuits dismissed on April 27 are part of a batch of 11 filed by Law firms Selendy & Gay PLLCRoche Freedman a year earlier. The lawsuits accused several crypto firms of causing investor harm by selling digital assets that were allegedly unlicensed securities without brokerage licensing, misleading investors, and engaging in market manipulation.

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However the plaintiffs were unable to provide strong evidence of damages caused to investors from the alleged sale of unlicensed securities, and two prior court rulings in favor of BProtocol and Bibox reportedly paved the way for the dismissals. Within days of the Bibox ruling, all five legal teams had flagged the decision to the judges overseeing their

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