Judge dismisses securities claims against Pump.fun but allows RICO and money-transmitting charges to proceed.
Regulation & Gov ·
A judge has dismissed securities claims against Pump.fun but allowed racketeering and money-transmitting charges to advance against the platform's operator. The decision marks a partial victory for the defendant in a lawsuit targeting Pump.fun, Solana's dominant memecoin launchpad, which has generated over $1 billion in cumulative revenue since its January 2024 launch.
The dismissal of securities allegations narrows the legal exposure on one front, but survival of RICO and money-transmitting claims presents ongoing liability for the operator. These remaining counts focus on alleged patterns of racketeering activity and potential violations of rules governing the transfer of funds—distinct legal theories from whether tokens sold on the platform constitute securities.
The ruling leaves unresolved the core question of how regulators and courts will ultimately classify Pump.fun's role and the tokens launched through its bonding-curve mechanism. Whether the platform itself faces further enforcement action, and what standard will apply to permissionless token-creation systems more broadly, remain open.