The United States District Court for the Southern District of New York has dismissed securities‑related claims concerning Meme‑coins in the Pump fun class‑action lawsuit, together with all claims filed against Solana Labs, the Solana Foundation and its relevant executives. The court ruled that the tokens in question failed to satisfy the “common enterprise” requirement under the Howey Test. Pump fun is not yet fully cleared of liability. RICO fraud accusations and allegations of unlicensed money‑transmission business against its operating firm and three founders have been allowed to proceed, and the case will move into the discovery phase.