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pump.fun hires top lawyers to deal with the Burwick class action lawsuit regarding unregistered securities trading allegations.
On June 19, pump.fun is hiring top-tier lawyers to respond to the Burwick Law lawsuit. Burwick Law alleges that pump.fun illegally obtained millions of dollars in funds through the sale of "highly volatile unregistered securities" while lacking compliance measures that may have implicated it in "terrorist financing, drug trafficking, and other transnational crimes."
Max Burwick, the founder of Burwick Law, is representing Kendall Carnahan and other plaintiffs in a class action lawsuit against Pump Fun alongside the law firm Wolf Popper. Burwick Law is a law firm specializing in the cryptocurrency industry and is currently initiating multiple lawsuits and investigations against various crypto companies and tokens. Burwick Law alleges that many of the tokens generated on pump.fun are essentially similar to a "pump and dump" scheme, involving manipulative actions unfair to investors.
To respond to the lawsuit, pump.fun's parent company Baton Corporation has hired multiple lawyers from the prestigious law firm Brown Rudnick to form a defense team, including former SEC investigator Daniel L. Sachs, cryptocurrency litigation expert Kyle P. Dorso, and senior cryptocurrency lawyer Stephen D. Palley.
1. Reserve Requirements: Issuers must hold reserve assets (such as USD, short-term government bonds, etc.) at a 1:1 ratio.
2. Disclosure and Auditing: Monthly public disclosure of reserve composition, which must be reviewed by a registered accounting firm, with the CEO and CFO certifying the accuracy of the disclosures to the regulatory authorities.
3. Regulatory Framework: Stablecoin issuers can be supervised by federal or state regulatory agencies, with small issuers (those with issuance below $10 billion) having the option of state regulation.
4. Consumer Protection: Includes Anti-Money Laundering (AML) rules, priority repayment rights (holders prioritized for repayment in bankruptcy), etc.
5. Restrictions: Prohibits members of Congress or senior executive officials from issuing payment stablecoins while in office.