Texas judge dismisses class action lawsuit against DeFi project Bancor, ruling it is not subject to U.S. jurisdiction

A federal judge in Texas dismissed a securities class action lawsuit against the operator of the DeFi project Bancor Protocol. Judge Robert Pittman agreed with the judge, ruling that the plaintiffs failed to prove that the U.S. court had jurisdiction over the foreign defendants. The ruling stated that Bancor's foreign operations are not subject to U.S. securities laws and that the plaintiffs cannot sue Bancor in the United States for its suspended investment protection features. The judge also noted that Bancor and its founders do not have sufficient ties to the United States and suggested that the plaintiffs could sue in Israeli courts.