WEB3
by BSCN
August 31, 2023
In a double-dose of positive news for the blockchain world, a New York court has dismissed a proposed lawsuit against Uniswap, whilst Judge Polk Failla dubs ETH a commodity
A New York Court has dismissed an attempted class action lawsuit against leading decentralized exchange (DEX), Uniswap. The lawsuit, first filed in April of last year, alleged that Uniswap and its founder broke securities laws and was responsible for the losses suffered by investors as a result of scam tokens being available via the protocol.
According to Southern District of New York’s Judge Katherine Polk Failla, Uniswap’s decentralized nature leaves no “identifiable defendant”.
According to Judge Polk Failla’s opinion following the order, "Indeed, this is less like a manufacturing defect, and more like a suit attempting to hold an application like Venmo or Zelle liable for a drug deal that used the platform to facilitate a fund transfer”
It has further been reported that Southern District of New York’s Judge Katherine Polk Failla directly called Ethereum (ETH), the second largest crypto, a commodity, in apparent contradiction to the position of Gary Gensler and the SEC.
It is also worth noting that Judge Polk Failla is the official responsible for overseeing the ongoing lawsuit battle between popular exchange, Coinbase, and the SEC.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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