U.S. Court Calls ETH a Commodity While Tossing Investor Suit Against Uniswap

A New York court dismissed a class action lawsuit against Uniswap, stating that the responsibility for scam tokens rests with their issuers rather than the decentralized exchange, and classified ether (ETH) and bitcoin (BTC) as commodities.

coindesk.com

Relevant topic timeline:

8/30/2023

Judge dismisses class-action suit against Uniswap over token scam losses

A class-action suit against Uniswap Labs has been dismissed by a judge who advised the plaintiffs to take their complaints to Congress, highlighting her understanding of DeFi technology and decentralized finance.

8/31/2023

Uniswap lawsuit judge calls Ether a commodity in dismissal order

United States District Court Judge Katherine Polk Failla dismissed a class-action lawsuit against Uniswap, stating that Ether (ETH) and Bitcoin (BTC) are "crypto commodities," not subject to the Exchange Act. This comes as other judges have made conflicting rulings on the legal classification of cryptocurrencies in the US.

9/1/2023

First Mover Americas: SEC Delays Spot Bitcoin ETF Decision for All Applicants

The U.S. SEC has delayed a decision on all spot bitcoin ETF applications, causing Bitcoin and major tokens to lose weekly gains, while a New York court classified bitcoin and ether as commodities, dismissing a proposed class-action lawsuit against Uniswap.

9/1/2023

Uniswap Ruling Creates Regulatory 'Anomaly' for DeFi: Legal Scholar - Decrypt

A district judge's ruling in a class-action lawsuit against Uniswap clarifies that decentralized exchanges like Uniswap cannot be held liable for scam tokens, highlighting the regulatory differences between decentralized exchanges and centralized ones like Coinbase.