在特朗普政府領導下的加密訴訟新訴訟格局

總統唐納德·J·特朗普（Donald J. Trump）的就職典禮已被廣泛慶祝，這是第一個親克賴特（Crypto）總統政府的黎明，這是拜登政府對加密貨幣的敵對立場的巨大轉變。但是前進的道路可能並不像看起來那麼平穩。

The inauguration of President Donald J. Trump has been widely celebrated as the dawn of the first pro-crypto presidential administration – a dramatic shift from the Biden administration’s antagonistic stance on crypto. But the road ahead might not be as smooth as it seems.

總統唐納德·J·特朗普（Donald J. Trump）的就職典禮已被廣泛慶祝，這是第一個親克賴特（Crypto）總統政府的黎明，這是拜登政府對加密貨幣的敵對立場的巨大轉變。但是前進的道路可能並不像看起來那麼平穩。

Sure, there’s reason for optimism. The excitement around Trump’s new approach reached its current peak when he unveiled his very own memecoin – $TRUMP – at the inaugural “Crypto Ball” in Washington, DC, on the night before his inauguration. And his early actions seem to back up the hype. He has replaced Gary Gensler, who became infamous in the crypto community for his enforcement-heavy approach as Securities and Exchange Commission (SEC) chair, with Paul Atkins, a crypto-friendly former SEC commissioner who served as an advisor to the Digital Chamber of Commerce. Reports also suggest that the SEC is now drafting new, more supportive guidance and considering how to scale back or drop crypto cases that don’t involve fraud.

當然，有樂觀的理由。當特朗普在就職典禮前一天晚上，在華盛頓特區的就職“加密舞會”上揭開了自己的紀念物（$ trump）時，對特朗普的新方法的興奮達到了目前的高峰。他的早期行動似乎支持了炒作。他取代了加里·貢斯勒（Gary Gensler），他在加密社區中臭名昭著的執法措施，擔任證券交易委員會（SEC）主席，保羅·阿特金斯（Paul Atkins）是一名對加密貨幣友好的前SEC專員保羅·阿特金斯（Paul Atkins），他曾擔任數字會議委員會的顧問商業。報告還表明，SEC現在正在起草新的，更支持性的指導，並考慮如何減少或刪除不涉及欺詐的加密案件。

But while these moves might seem like a green light for the industry, it’s still far too early to declare victory. For one, private plaintiffs’ attorneys aren’t taking their foot off the gas; new lawsuits continue to pop up, raising aggressive arguments to challenge new crypto projects. State attorneys general – especially in places like California and New York – also are poised to ramp up enforcement. And even a more friendly federal government is unlikely to give crypto projects a pass if they are viewed as a threat to national security or financial stability.

但是，儘管這些舉動對行業來說似乎是綠燈，但宣布勝利還為時過早。一方面，私人原告的律師並沒有脫離汽油。新的訴訟繼續出現，提出了激進的爭論，以挑戰新的加密項目。州檢察長，尤其是在加利福尼亞和紐約等地方 - 也有望加強執法。即使是一個更友好的聯邦政府，如果將加密項目視為對國家安全或金融穩定的威脅，就不太可能通過通行證。

So, while the change in tone from the new administration is promising, crypto companies should remain cautious and proactive. In this article, we explore recent litigation trends and offer practical strategies for navigating the shifting litigation landscape under the new administration.

因此，儘管新政府的語調變化是有希望的，但加密公司應該保持謹慎和主動。在本文中，我們探討了最近的訴訟趨勢，並提供了實用的策略，可以在新政府下瀏覽訴訟不斷變化的情況。

Memecoins

成人

Memecoins, in their simplest form, aren’t much like securities. They lack practical utility and are more like collectibles that capture the latest cultural zeitgeist – akin to Beanie Babies, for example. They may hold value and foster community but clearly aren’t securities under the Howey test. However, where the issuer of a memecoin goes heavy on marketing, works to get the tokens listed on secondary markets or holds onto a significant stash of tokens on the company balance sheet,1 plaintiffs’ lawyers may argue that purchasers are relying on the issuer to drive profits.

以最簡單的形式的模因不像證券。它們缺乏實用的實用性，更像是收藏品捕捉最新的文​​化時代精神 - 例如，類似於Beanie Babies。他們可能會擁有價值和培養社區，但在Howey測試下顯然不是證券。但是，如果Memecoin的發行人大量進行營銷，則努力使二級市場上列出令牌或保留在公司資產負債表上的大量代幣，1位原告的律師可能會爭辯說，購買者依靠發行人來依靠發行人來驅動利潤。

Just before Trump’s inauguration, the plaintiffs’ firm Burwick Law filed two class action lawsuits targeting major memecoin projects. This could signal a new wave of memecoin litigation yet to come.

就在特朗普就職之前，原告的企業伯威克法律提起了針對重大紀念項目的兩項集體訴訟。這可能表明尚未到來的新的Memecoin訴訟浪潮。

Hawk Tuah Girl and $HAWK token

霍克·圖阿（Hawk tuah）女孩和$霍克象徵

Web personality Haliey Welch, better known as the “Hawk Tuah Girl,” rose to prominence following a viral video in June 2024. On December 4, 2024, Welch and some affiliates launched the $HAWK memecoin. While the token quickly gained traction on Solana-based decentralized exchanges, within hours the market capitalization collapsed by more than 90%.

網絡個性Haliey Welch，更名為“ Hawk Tuah Girl”，在2024年6月的病毒錄像帶之後，他引起了人們的關注。2024年12月4日，Welch和一些關聯公司推出了$ Hawk Memecoin。儘管令牌迅速在基於索拉納的分散交易所方面獲得了關注，但在幾個小時內，市值倒塌了90％​​以上。

On December 19, 2024, purchasers of the memecoin filed a class action lawsuit in the US District Court for the Eastern District of New York against Tuah The Moon Foundation, overHere Limited and its founder Clinton So, which launched the memecoin, and social media influencer Alex Larson Schultz, who promoted it online. (See Albouni et al. v. Schultz et al., EDNY, No. 1:24-cv-08650.) The lawsuit alleges that the “Hawk Tuah” cryptocurrency sellers and promoters did not register the $HAWK memecoin with the SEC in violation of Sections 5 and 12(a)(1) of the Securities Act, resulting in plaintiffs’ loss of more than $151,000.

2024年12月19日，Memecoin的購買者在紐約東部地區的美國地方法院提起了集體訴訟，反對Tuah The Moon Foundation，Overhere Limited，其創始人Clinton So，該案件及其創始人Clinton So發起了Memecoin和社交媒體影響者亞歷克斯·拉爾森·舒爾茨（Alex Larson Schultz）在線推廣。 （請參閱Albouni等人訴Schultz等人，Edny，第1：24-CV-08650。）訴訟稱，“ Hawk Tuah”加密貨幣賣家和發起人未在SEC中註冊$ Hawk Memecoin違反《證券法》第5條和第12（a）（1）條，導致原告損失超過151,000美元。

Pump.fun

泵

Launched on January 19, 2024, Pump.fun is an application built on Solana that enables users to create memecoins and trade them. It is one of the most successful crypto/Web3 projects of the last year, with the platform surpassing $15 million in daily revenue on January 1, 2025.

Pump.Fun於2024年1月19日啟動，是一個基於Solana建立的應用程序，使用戶能夠創建Memecoins並進行交易。它是去年最成功的加密/Web3項目之一，該平台在2025年1月1日的每日收入超過1500萬美元。

On January 16, 2025, the same lawyers who represent the plaintiffs in the $HAWK token litigation filed a class action lawsuit against Pump.fun in the US District Court for the Southern District of New York. (See Carnahan v. Baton Corp. Ltd., SDNY, No. 1:25-cv-00490.) The lawsuit alleges that Pump.fun has been offering and selling unregistered securities, promotes pump-and-dump schemes and lacks proper user protections, specifically naming the sale of popular memecoin Peanut the Squirrel (PNUT) as unlawful. The sole named plaintiff, Kendall Carnahan, claims to have bought PNUT via three transactions on November 4, 2024, and that a day later, they sold it all at a loss of $231.

2025年1月16日，代表原告在$ HAWK代幣訴訟中代表原告的律師提起了針對Pump.un的集體訴訟。 （請參閱Carnahan訴Baton Corp. Ltd.，SDNY，第1：25-cv-00490。）訴訟稱，泵。保護措施，特別是將流行的Memecoin花生賣出松鼠（Pnut）命名為非法。唯一的名字叫原告肯德爾·卡納漢（Kendall Carnahan）聲稱在2024年11月4日通過三筆交易購買了Pnut，一天后，他們以231美元的價格賣出了所有交易。