US Federal Judge Dismisses Lawsuit Against DeFi Platform PoolTogether

Laws Against DeFi Platform PoolTogether Dismissed by US Federal Judge

A US federal judge has dismissed a lawsuit against DeFi platform PoolTogether, stating that federal court is not the appropriate venue for concerns against the startup. The plaintiff, Joseph Kent, lacked standing to sue as he suffered no concrete harm. The judge suggested pursuing claims in state court, leaving ancillary issues for the New York Court of Appeals. PoolTogether had raised $1.4 million through a nonfungible token (NFT) sale in 2022, with the funds used for legal defense. The DeFi community celebrated the decision, considering it a victory for the sector.