State-Level Lawsuits Advance Against EMAX Promoters

A California federal judge has cleared the path for investors to pursue legal action against celebrities who promoted the EthereumMax (EMAX) token, marking a partial victory in the ongoing class-action lawsuit. Judge Michael Fitzgerald's August 8 ruling allows cases to proceed in four states while denying nationwide class certification, creating a complex legal landscape for the high-profile defendants.

The Core Legal Decision

The court order permits lawsuits filed in New York, California, Florida and New Jersey to move forward, specifically covering EMAX purchases made between May and June 2021. Notably, the judge expressed concerns about applying state laws extraterritorially, stating the risk was "simply too high" for a nationwide class action. Court documents reveal the decision balances investor protection with jurisdictional limitations, focusing on 【state-specific consumer protection statutes】.

Celebrity Defendants in the Spotlight

The lawsuits target three high-profile figures: ——Kim Kardashian, who promoted EMAX to her 200 million Instagram followers ——Boxing champion Floyd Mayweather ——Former NBA star Paul Pierce

Also named are EMAX co-founder Giovanni Perone and alleged project spokesman Jona Rechnitz. The case revisits the 2021 controversy when EMAX's value surged 116,000% before collapsing 99%, prompting accusations of market manipulation.

Legal History and Context

This ruling represents the latest development in a legal saga dating to 2022. Judge Fitzgerald initially dismissed the case in December 2022, suggesting investors should have exercised due diligence, but allowed refiling. The plaintiffs returned seven months later with revised arguments. Separately, Kardashian settled SEC charges in 2022, paying $1.26 million for failing to disclose her $250,000 promotional payment.

What Comes Next

The partial win means affected investors in the four states can now proceed with discovery and potential trials. Legal experts note the decision creates a patchwork of potential outcomes, with different state laws applying to similar claims. As cryptocurrency regulation remains in flux, this case may establish important precedents regarding 【celebrity endorsements】 of digital assets.

Broader Industry Implications

The EthereumMax lawsuit highlights growing scrutiny of influencer marketing in crypto. Industry observers suggest the outcome could reshape how projects approach celebrity partnerships, potentially leading to more transparent disclosure practices. With regulatory agencies increasingly focused on the space, the final resolution may influence both legal standards and market behavior.