"Texas Regulator Faces a Significant Securities Litigation Loss to Apertum Foundation and Josip Heit"
In a significant legal victory, Quinn Emanuel Urquhart & Sullivan, LLP has successfully defended the Apertum Foundation, a digital asset technology developer, against claims made by the Texas State Securities Board (TSSB). The TSSB had initially issued a cease-and-desist order in April 2025, alleging that the Apertum token was an unregistered security.
However, following a challenge by Quinn Emanuel, the TSSB has withdrawn its order and dismissed all claims against the Apertum Foundation and its senior advisor, Josip Heit. The legal basis for this decision was that the Apertum token and its DAO1 decentralized finance (DeFi) platform do not constitute investment contracts or securities under U.S. federal law or the Texas Securities Act.
Avi Perry, co-Chair of the Securities Litigation Group at Quinn Emanuel, commented on the dismissal, stating, "This is a big win for the Apertum Foundation and Mr. Heit. The TSSB's allegations were incorrect, and we are pleased that the court has recognised this."
Quinn Emanuel Urquhart & Sullivan, LLP is a 1000+ lawyer business litigation firm, the largest in the world devoted solely to business litigation and arbitration. The firm has a reputation for excellence, having been named the "Most Feared Law Firm" by The BTI Consulting Group three times in its annual "Most Feared Law Firms in Litigation" guide.
In addition to this victory, Quinn Emanuel has also been recognised for its outstanding work in various areas of law. Global Arbitration Review named the firm the 3rd best arbitration practice in the world, while Legal Business has named Quinn Emanuel "US Law Firm of the Year" three times. Managing IP has twice recognised Quinn Emanuel as having the "Best ITC Litigation Practice" and honoured the firm with the "Patent Contentious West" award.
Quinn Emanuel's German offices have also been recognised for their outstanding work, being named both "IP Litigation Firm of the Year" and "Patent Litigation Firm of the Year" by JUVE, Germany's most prestigious legal publication. Furthermore, The American Lawyer named Quinn Emanuel the top IP litigation firm in the U.S. and one of the top six commercial litigation firms in the country.
Recently, Law360 has selected Quinn Emanuel as having Banking, Class Action, International Arbitration, and Trials "Practice Groups of the Year." The firm has also been named the "Most Impressive Investigations Practice of the Year" by Global Investigations Review.
The Apertum Foundation is the developer of the Apertum blockchain and its native cryptocurrency token. The success of this case is a significant step forward for the digital asset industry, demonstrating the potential for blockchain technology to operate within the law.
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- This victory for the Apertum Foundation strengthens the argument that cloud-based technology in the finance sector, such as their DAO1 decentralized finance (DeFi) platform, can operate within the legal boundaries, thus boosting the confidence in the digital asset industry.
- Despite the previous cease-and-desist order issued by the Texas State Securities Board (TSSB) regarding the Apertum token, Quinn Emanuel's expertise in technology-related law has been instrumental in demonstrating that the token is not considered a security in the US or Texas, thus opening new avenues for cloud businesses.
- Recent news has highlighted the success of Quinn Emanuel Urquhart & Sullivan's legal representation, with multiple publications recognizing their outstanding contributions in various fields, such as finance, business, international arbitration, and technology, proving their reputation as a leading law firm in the industry.
