US District Court rejected class action lawsuit against Uniswap Labs. She was accused of promoting securities without a license and aiding scammers.
The lawsuit was filed in April 2022. According to it, a group of traders purchased a certain amount of MXS, BUNNY and AWF tokens on the decentralized exchange (DEX) Uniswap.
The projects turned out to be fraudulent, which led to financial losses. The plaintiffs sued the developer company because, according to the lawsuit, it controlled liquidity pools, routers, and the DEX itself.
Judge for the Southern District of New York Katherine Polk Failla sided with the defendant. In particular, she pointed out the specifics of the work of such sites:
The complaint was dismissed in full.
During the trial, Judge Failla referred to the lack of a regulatory framework. According to her, the current legislation does not even leave the injured party the opportunity to seek help, at least in the context of this case.
Remarkably, in the final ruling, Judge Filela named bitcoin and ether “crypto goods” (crypto commodities). She is also chairing the US Securities and Exchange Commission (SEC) v. Coinbase case.
Recall that the regulator has not given a clear explanation of which tokens are securities and which are commodities. At the same time, the US Commodity Futures Trading Commission (CFTC) made it clear that it refers these assets to the second category.
Source: Cryptocurrency
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