A U.S. law firm has filed a class action lawsuit against Pump.fun, alleging that the platform breached securities regulations by failing to register its PNUT token with the SEC. The lawsuit also accuses Pump.fun of neglecting investor safeguards such as KYC checks and risk disclosures. The law firm believes that the number of affected investors could be significant. Crypto lawyer Gabriel Shapiro commented on the case, stating that Pump.fun's closed-source, centralized systems could make it difficult for the platform to dismiss the lawsuit. He suggests that platforms like Pump.fun should adhere to crypto principles of transparency and decentralization to mitigate legal risks.



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