The Southern District Court of New York (SDNY) recently dismissed a class action lawsuit against Uniswap, the leading decentralized exchange. The lawsuit was filed by an investor from North Carolina who claimed that Uniswap had sold unregistered securities and failed to register as an exchange or broker-dealer. The investor had lost around $10,000 after buying scam tokens. Judge Katherine Failla, who is also in charge of the SEC v Coinbase case, ruled that Uniswap cannot be held liable for any damage caused by third parties misusing the protocol. This ruling is a victory for crypto as it clarifies how US securities law applies to decentralized finance (DeFi). Crypto lawyers can now use this case as a precedent to defend DeFi applications against similar accusations in the future.This ruling comes only a week after the arrest of Tornado Cash founder, Roman Storm. Roman Storm is now out on bail but the crypto community is still concerned about attacks on decentralized software development. The price of Uniswap’s UNI token decreased by 3.7% in the last 24 hours, according to CoinGecko.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	8
People	Roman Storm, Nessa Risley, Katherine Failla
Companies	Southern District Court of New York (SDNY), CoinGecko, SEC, Coinbase, Uniswap
Currencies	Ethereum, US Dollar, Bitcoin, boombaby, Uniswap
Securities	None