Hayden Davis, co-founder of Kelsier Ventures, has filed a motion to dismiss a class action lawsuit against him in New York, arguing that the court lacks jurisdiction.
Case Against LIBRA Token and Court Jurisdiction
Davis submitted a motion to a New York federal court, asserting that the claims do not arise from actions directed at New York. He does not reside, nor conduct business in New York.
Arguments Presented by Davis
Davis contends that the LIBRA tokens were offered to all buyers globally and that the promotion of the cryptocurrency was not aimed at New York residents, which supports his argument regarding the insufficiency of jurisdiction.
Issues Surrounding LIBRA Token
The LIBRA token generated controversy after it fell 94% from a market cap of $4.6 billion. A group of buyers has sued the creators, alleging misleading information about the token's purpose to support Argentina's economy.
The lawsuit against Davis remains in the spotlight as the plaintiffs must prove their allegations are connected to New York, while Davis seeks to have the case dismissed without prejudice.
