在特朗普政府领导下的加密诉讼新诉讼格局

总统唐纳德·J·特朗普（Donald J. Trump）的就职典礼已被广泛庆祝，这是第一个亲克赖特（Crypto）总统政府的黎明，这是拜登政府对加密货币的敌对立场的巨大转变。但是前进的道路可能并不像看起来那么平稳。

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.

总统唐纳德·J·特朗普（Donald J. Trump）的就职典礼已被广泛庆祝，这是第一个亲克赖特（Crypto）总统政府的黎明，这是拜登政府对加密货币的敌对立场的巨大转变。但是前进的道路可能并不像看起来那么平稳。

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.

当然，有乐观的理由。当特朗普在就职典礼前一天晚上，在华盛顿特区的就职“加密舞会”上揭开了自己的纪念物（$ trump）时，对特朗普的新方法的兴奋达到了目前的高峰。他的早期行动似乎支持了炒作。他取代了加里·贡斯勒（Gary Gensler），他在加密社区中臭名昭著的执法措施，担任证券交易委员会（SEC）主席，保罗·阿特金斯（Paul Atkins）是一名对加密货币友好的前SEC专员保罗·阿特金斯（Paul Atkins），他曾担任数字会议委员会的顾问商业。报告还表明，SEC现在正在起草新的，更支持性的指导，并考虑如何减少或删除不涉及欺诈的加密案件。

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，尽管这些举动对行业来说似乎是绿灯，但宣布胜利还为时过早。一方面，私人原告的律师并没有脱离汽油。新的诉讼继续出现，提出了激进的争论，以挑战新的加密项目。州检察长，尤其是在加利福尼亚和纽约等地方 - 也有望加强执法。即使是一个更友好的联邦政府，如果将加密项目视为对国家安全或金融稳定的威胁，就不太可能通过通行证。

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，尽管新政府的语调变化是有希望的，但加密公司应该保持谨慎和主动。在本文中，我们探讨了最近的诉讼趋势，并提供了实用的策略，可以在新政府下浏览诉讼不断变化的情况。

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.

以最简单的形式的模因不像证券。它们缺乏实用的实用性，更像是收藏品捕捉最新的文​​化时代精神 - 例如，类似于Beanie Babies。他们可能会拥有价值和培养社区，但在Howey测试下显然不是证券。但是，如果Memecoin的发行人大量进行营销，则努力使二级市场上列出令牌或保留在公司资产负债表上的大量代币，1位原告的律师可能会争辩说，购买者依靠发行人来依靠发行人来驱动利润。

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.

就在特朗普就职之前，原告的企业伯威克法律提起了针对重大纪念项目的两项集体诉讼。这可能表明尚未到来的新的Memecoin诉讼浪潮。

Hawk Tuah Girl and $HAWK token

霍克·图阿（Hawk tuah）女孩和$霍克象征

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%.

网络个性Haliey Welch，更名为“ Hawk Tuah Girl”，在2024年6月的病毒录像带之后，他引起了人们的关注。2024年12月4日，Welch和一些关联公司推出了$ Hawk Memecoin。尽管令牌迅速在基于索拉纳的分散交易所方面获得了关注，但在几个小时内，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的购买者在纽约东部地区的美国地方法院提起了集体诉讼，反对Tuah The Moon Foundation，Overhere Limited，其创始人Clinton So，该案件及其创始人Clinton So发起了Memecoin和社交媒体影响者亚历克斯·拉尔森·舒尔茨（Alex Larson Schultz）在线推广。 （请参阅Albouni等人诉Schultz等人，Edny，第1：24-CV-08650。）诉讼称，“ Hawk Tuah”加密货币卖家和发起人未在SEC中注册$ Hawk Memecoin违反《证券法》第5条和第12（a）（1）条，导致原告损失超过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于2024年1月19日启动，是一个基于Solana建立的应用程序，使用户能够创建Memecoins并进行交易。它是去年最成功的加密/Web3项目之一，该平台在2025年1月1日的每日收入超过1500万美元。

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代币诉讼中代表原告的律师提起了针对Pump.un的集体诉讼。 （请参阅Carnahan诉Baton Corp. Ltd.，SDNY，第1：25-cv-00490。）诉讼称，泵。保护措施，特别是将流行的Memecoin花生卖出松鼠（Pnut）命名为非法。唯一的名字叫原告肯德尔·卡纳汉（Kendall Carnahan）声称在2024年11月4日通过三笔交易购买了Pnut，一天后，他们以231美元的价格卖出了所有交易。