Judge Ditches Burwick Law's Solana Claims Amid RICO Confirmation
A judge has dismissed all claims by Burwick Law against Solana Labs and its executives in the Pump.fun case, while confirming RICO charges against Baton Corporation for fraud, illegal gambling, and unlicensed money transmission.
The ruling by Judge Colleen McMahon was made after a series of motions to dismiss were raised by the defendants. The dismissal of Burwick Law's claims closes a line of attack that had been introduced over a year ago, alleging cooperation between Solana Labs and the Solana Foundation to circumvent US securities laws.
The judge also determined that memecoins FRED and GRIFFAIN do not qualify as securities under the Howey Test, citing their lack of a shared objective for collective gains. The ruling does not mean all memecoins are exempt from being classified as securities, but rather applies only to these specific assets.