Lido iscurrently being suedin a class-action lawsuit that accuses it of having sold unregistered securities.
A fourth firm, Robot Ventures, was excluded as a partner.
The severe weirdness of Lidos legal defense strategy should be noted.
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Dolphin, itself, is represented by a law firm, Brown Rudnick LLP, the outlet writes.
Much mystification has gone into what the crypto industry is and does.
The Lido case revolves around another such legalistic quandary.
Samuels bought LDO, Lidos tokens, and subsequently lost money on that investment.
However, Lido has maintained that it is not selling securities at all.
This debate is, in many ways,thedebate, when it comes to the crypto industry.
For years, web3 benefited from transacting inuncharted regulatory territory.
As the industry has grown larger and more influential, however, scrutiny of its activity has grown.
Today, whether assetsrepresent a security or a commodityis an increasingly intensifying debate.
Gizmodo reached out to Lido for comment.
Those rooting for Lido in the suit predictably criticized the judges decision.
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Justice Department Says It Will Pull Back on Prosecuting Crypto Fraud
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