A US court has officially called both Bitcoin (BTC) and Ether (ETH) commodities in the dismissal of a lawsuit against DeFi platform Uniswap. Specifically, a New York judge stated it would not “stretch the federal securities laws to cover the conduct alleged” in the class action suit.
The complaint was directed at Uniswap for “scam tokens” that had been issued on the protocol. Subsequently, the judge dismissed the allegations that the decentralized crypto exchange was to be held accountable for the scams that harmed investors. Moreover, calling both BTC and ETH commodities in the official filing.
US Court Calls Bitcoin and ETH Commodities in Uniswap Lawsuit Dismissal
The ongoing conflict between the digital asset industry and US regulators has shown no signs of slowing down. Indeed, that conflict has seemingly led to arguments regarding differentiating factors between a security and a commodity. The US Securities and Exchange Commission (SEC) chair, Gary Gensler, has long stated that Bitcoin is the only crypto commodity. Yet the US courts don’t seem to agree with him.
In dismissing a lawsuit against Uniswap, the US court called both Bitcoin (BTC) and Ether (ETH) commodities. Specifically, a New York judge made the distinction in a key filing made on Wednesday. This differs from the stance that the SEC has long held. Creating another point of contention in the SEC’s digital asset stance.
Court Calls Bitcoin and ETH Commodities in Uniswap Lawsuit Dismissal
The ongoing conflict between the digital asset industry and US regulators has shown no signs of slowing down. Indeed, that conflict has seemingly led to arguments regarding differentiating factors between a security and a commodity. The US Securities and Exchange Commission (SEC) chair, Gary Gensler, has long stated that Bitcoin is the only crypto commodity. Yet the US courts don’t seem to agree with him.
In dismissing a lawsuit against Uniswap, the US court called both Bitcoin (BTC) and Ether (ETH) commodities. Specifically, a New York judge made the distinction in a key filing made on Wednesday. This differs from the stance that the SEC has long held. Creating another point of contention in the SEC’s digital asset stance.
