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US Court Declares Bitcoin and ETH as Commodities, Dismissing Uniswap Lawsuit
A US court dismissed the Security Exchange Commission (SEC) lawsuit against the Uniswap protocols to scam tokens and declared all digital assets “commodities.”
Popular cryptocurrencies, Ether (ETH) and Bitcoin (BTC), have been classified as “commodities” by a US court and refused a lawsuit against Uniswap for harming the investor by allowing scam tokens. The class-action securities lawsuit was filed on September 27th 2022, against Uniswap for being involved in developing and distributing false tokens that caused financial loss, which allegedly harmed the investor’s money and damaged the integrity of the crypto trading industry. After that, the confusing debate of declaring digital assets as “security” and “commodity” started between US regulators and industry participants.
The court ruled that Uniswap was not involved in scam tokens, and the SEC can not prove their allegations. The court also noted that the two biggest cryptocurrencies by market size, Bitcoin and Ethereum, are commodities rather than securities as a central government or authority does not back them. The court’s decision to reject the class action lawsuit may impact future lawsuits against decentralised protocols and potentially even lawsuits claiming that U.S. securities regulations have been violated.
Uniswap founder, Hayden Adams, tweeted as enjoying the victory against the SEC lawsuit by tweeting that, “this is a huge win for Uniswap and the whole crypto community. We are grateful for the support of our users, developers, and partners who believe in our vision of a more open and fair financial system.”
The court’s ruling is a big win for the cryptocurrency sector since it makes the legal standing of digital assets in the US more clear and certain. The difference between centralised and decentralised systems is also confirmed, and DeFi’s ingenuity and promise are acknowledged.
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