NASCAR wins big legal battle over anti-Biden cryptocurrency

NASCAR has won a significant court ruling in a $76 million lawsuit over a cryptocurrency dispute.

The 'LetsGoBrandon Foundation' accused the racing series of destroying the value of its 'LGBCoin' but a Miami jury ruled in favor of NASCAR over the foundation and James Koutoulas.

The 'LGBCoin' began as a result of a moment which followed an Xfinity Series race back in 2021, when NBC Sports' Kelli Stavast interpreted a chant of 'F**k Joe Biden' as 'let's go Brandon', after Brandon Brown won at Talladega. The phrase developed, as many semi-viral phrases did at that point, into a short-lived crypto 'memecoin'.

NASCAR denied LGBCoin's request to sponsor Brown for the 2022 Xfinity Series calendar, with then-president (now Commissioner) Steve Phelps saying: "We do not want to associate ourselves with politics, the left or the right."

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A jury determined this week that NASCAR would not have reasonably expected that its decision to rescind the sponsorship approval 'would impact LGBCoin holder behavior'.

“There’s a lot of things that make me look like the enemy," Brown told the Associated Press at the time. "But at the same time, my name’s out there. People know who I am now. There’s some reputability to that".

Brown opened the 2022 season with crypto platform Trade The Chain on his No. 68 car. The Brandonbilt Motorsports team closed down after that season, with Brown replaced for much of the last third of the season for sponsorship reasons.

Brown has not raced in NASCAR since 2022. Biden has not been US president since January of this year.

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