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.