A New York court has classified cryptocurrencies ether and bitcoin as “commodities” while dismissing a proposed class action lawsuit against decentralized crypto exchange Uniswap. The lawsuit, filed in April 2022, alleged that Uniswap violated U.S. securities laws by failing to register as an exchange or broker-dealer, offering and soliciting securities on an unregistered exchange. The suit sought to hold Uniswap accountable for investors losing money to “scam tokens” issued and traded on the protocol, including Ethereum (ERC-20) tokens EthereumMax (EMAX), Bezoge (BEZOGE) and Alphawolf Finance (AWF).
However, Wednesday’s ruling to scrap the suit before it goes to trial stated the true defendants of the case were the issuers of the tokens in question, not Uniswap. Judge Katherine Polk Failla of the Southern District of New York directly called ether a commodity and declined to “stretch the federal securities laws to cover the conduct alleged” in the case against Uniswap.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇬🇧 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Hayden Adams, Katherine Polk Failla, Gary Gensler |
| Companies | EthereumMax (EMAX), Alphawolf Finance (AWF), SEC, Bezoge (BEZOGE), Uniswap, Ethereum |
| Currencies | EthereumMax, Ethereum, Bitcoin, Bezoge Earth, S.Finance |
| Securities | None |
