Alleged violation of securities laws! Pump.fun faces another class action lawsuit, angry investors seek compensation for losses in meme coins

Solana on-chain meme coinissuance platform Pump.fun suffered yet another class-action lawsuit on Thursday, after the platform and its executives were accused of charging nearly $500 million in fees for helping users create meme coins in violation of U.S. securities laws, which could lead to tougher regulation of the meme coin market if Pump.fun is ruled illegal in the future. (Synopsis: How crazy is meme coin? Pump.fun Annual revenue of more than $470 million, average daily birth of more than 18,000 new Memecoins) (background added: Pump.fun involved in fraud! U.S. law firm Burwick Law launches class action lawsuit: tens of millions of victimized users) Solana on-chain meme coinissuance platform Pump.fun became a big winner in this round of market cycle, only launched for a year, has continued to detonate the Solana ecology of the national coin wave, but Pump.fun Thursday faces a new class action lawsuit, the platform and its executives are accused of violating U.S. securities laws, By helping users create meme coins, nearly $500 million in fees have been charged. Pump.fun Accused of Violating Securities Laws Coindesk reports that the lawsuit, filed in the U.S. District Court for the Southern District of New York, centers on the long-standing unresolved question in the cryptocurrency industry, namely, when exactly should a token be considered a security. The lawsuit claims that every token built using the Pump.fun platform is a security and therefore subject to U.S. securities laws. Under the new Trump administration, the U.S. Securities and Exchange Commission (SEC) is changing its cryptocurrency regulatory strategy and creating a new Cryptocurrency Task Force tasked with establishing a clear regulatory framework for the industry. Diego Aguilar, the lead plaintiff in Thursday's lawsuit, claims damages and attorney fees when he traded three memes coin FWOG, FRED and GRIFFAIN built on Pump.fun. Although Pump.fun itself did not directly create these tokens, the complaint alleges that the platform "enables anyone to create and sell virtually worthless digital tokens in minutes by providing automated tools" and should therefore be considered a "common issuance person" for all tokens of issuance on their platform. Diego Aguilar's lawsuit names Pump.fun's British-registered operating company, Baton Corporation, and its three co-founders, including Chief Operating Officer Alon Cohen, Chief Technology Officer Dylan Kerler and Chief Executive Officer Noah Tweedale. Platform repeatedly mired in legal battles The law firm that filed the lawsuit is New York-based Wolf Popper LLP, which just filed another class action lawsuit against Pump.fun just two weeks ago, filed on January 16, alleging that Baton Corporation and its three co-founders sold the unregistered securities PNUT Token, Wolf Popper LLP and Burwick, a law firm that focuses on cryptocurrency litigation Law also recently filed a class-action lawsuit against meme coin HAWK promoters. Although Pump.fun has only been online for a year, the platform has repeatedly been mired in legal battles, with a warning from the UK's financial regulator last March that led to a Pump.fun ban on UK users, and the platform was also slammed for its now-deactivated live streaming feature, which allows some users to promote its tokens with violent or pornographic content. Related Stories Most Taiwan Meme Betel Nut Coin $BLANG Landing Pump.fun Free Airdrop: A Tribute to "Fortune Professional Betel Nut Stall" Solana Landmines! Pump.fun banned UK users without warning, 18 banned live broadcasts caused? Pump.science Private Key leaked "fake coin harvesting retail investor", the crash incident began and ended "Violation of securities laws! Pump.fun eat the class action lawsuit, investors buy meme coin to pay for the tragedy and angrily claim compensation" This article was first published in BlockTempo "Dynamic Trend - The Most Influential Block Chain News Media".