A class-action lawsuit has been filed claiming that solana ($SOL) is a security under the Howey test. crypto cryptocurrency
“The specific facts and circumstances relating to SOL securities support the conclusion that SOL is a security under the Howey test,” the plaintiff argued., filed on July 1 in the U.S. District Court for the Northern District of California, claims that cryptocurrency solana is an unregistered security. Lead plaintiff Mark Young, a California resident and SOL investor, is suing on behalf of himself and all investors who purchased solana tokens from March 24, 2020.
Defendants made enormous profits through the sale of SOL securities to retail investors in the United States, in violation of the registration provisions of federal and state securities laws, and the investors have suffered enormous losses. The plaintiff alleged that Multicoin Capital Management and Kyle Samani “relentlessly promoted SOL securities, after purchasing them for $0.40 in 2019.” They subsequently “offloaded millions of dollars of SOL securities on retail investors” using OTC trading desks such as Falconx to act as a broker for the sale, he further detailed.
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