In the Uniswap lawsuit, the court judge clearly said that Ethereum is not a security and also dismissed the class action suit.
Uniswap is a top-ranked decentralized crypto exchange, where crypto traders can trade their crypto assets on several crypto networks. In the initial phase, Uniswap was launched on the Ethereum network but later Uniswap added support for the other flagship crypto networks, to provide crypto trading services at low trade fees. In April 2022, a Lawsuit was filed against Uniswap over several issues.
In the latest, the Uniswap lawsuit court judge Katherine Polk Failla ruled that Ethereum & Bitcoin were commodities on crypto exchanges, including Uniswap.
The court judge ruled in favor of the Uniswap exchange. With the lawsuit dismissal order, the judge said that Uniswap (Uni) token sales & distribution by the exchange were not subject to the Exchange Act.
The SDNY (Failla, J.) also explicitly found in its August 29 decision in Risely v. Uniswap that
Ethereum is a commodity, not a security.
No analysis of the issue, just the conclusion, but still, pretty definitive statement if you ask me.
— Bill Hughes : wchughes.eth
(@BillHughesDC) August 30, 2023
(@BillHughesDC)
It is worth it to note that here the court judge is experienced enough to handle the cases of crypto-related matters. In the past, she handled the Tether & Bitfinex crypto exchange case and currently, she is overseeing the Coinbase vs SEC lawsuit.
Uniswap lawsuit
In April 2020, Nessa Risley from North Carolina filed a class action suit against Uniswap exchange exchange over unsafe security practices.
The plaintiffs alleged that Uniswap exchange sold its Uni token against the securities laws and also provided risky crypto assets trading e.g. EthereumMax, Matrix Samurai, and Rocket Bunny crypto assets.
According to Plaintiffs, because of the unfair practices by the Uniswap exchange, she lost nearly $10,400 in investment in the mentioned crypto assets.
Uni token price action
Uni is the native token of the Uniswap exchange. Following this news, the trade price of this token failed to grab any big heights.
The current trade price is $4.61, nearly 2.85% down over the last 24 hours trade price.
Read also: Now Swiss bank SEBA Bank eligible to provide crypto services in Hong Kong
Ethereum (ETH) is a commodity, says Uniswap lawsuit judge
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