Nike is facing a class action complaint in New York federal court by non-fungible token purchasers who claimed the corporation hyped a project with recently acquired RTFKT to attract investor money, only to see the NFT subsidiary shut down, leaving buyers “decimated” with worthless crypto assets.
And the allegations over the sale of unregistered securities and deceptive practices would carry more authority if the Securities and Exchange Commission had not shifted its regulatory stance under the Trump administration on what constitutes a security, according to Nicolle Lafosse, a digital asset attorney at the international law firm Diaz Reus in Miami.