The Judge overseeing the class-action lawsuit filed against multiple defendants, including Uniswap, has dismissed the case with prejudice, says BTC and ETH are commodities.
- The U.S. District Court for the Southern District of New York has dismissed a class-action suit against a group of five firms, including Uniswap Labs and investment giant Andreessen Horowitz, for alleged securities violations on the Uniswap decentralized trading platform.
Representing a “nationwide class of users,” they said Uniswap Labs controlled liquidity pools on the protocol, including those created by the scammers they lost money to, used routers they controlled to process transactions on the protocol, and issued liquidity tokens when pools were created. Judge Failla said that in place of suing the scammers for unlawful solicitation, the plaintiffs were suing the defendants for statements made on social media. “No plaintiff would sue [NYSE] or NASDAQ for tweeting that its exchange was a safe place to trade after that plaintiff had lost money due to an issuer’s fraudulent schemes,” she wrote.
In her reasoning, Judge Failla cited the unsuccessful class action lawsuit brought against Coinbase in 2022 for unregulated securities sales and dismissed the case with prejudice, meaning the case cannot be retried.
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