According to CoinMeta, Wu said that as disclosed by attorney Ariel Givner, the United States District Court for the Southern District of New York dismissed the securities allegations against the relevant meme token in the Pump Fun class action, as well as all claims against Solana Labs, Solana Foundation, and related executives. The court determined that the tokens in question did not meet the “common enterprise” requirement stipulated by Howey Test. Pump Fun has not yet completely emerged from the situation; allegations of fraud and suspected unlicensed money transfer activities regarding its operating company and three founders in the early issuance of R will continue to be pursued, and the case will now enter the evidence disclosure phase.