A federal judge took the current state of federal securities laws to task in a ruling dismissing a lawsuit against Uniswap Labs.
filed against decentralized exchange Uniswap and creator Hayden Adams, saying the plaintiffs had filed against the wrong defendants and, perhaps more importantly, that federal securities laws don’t really create a clear avenue for the plaintiffs to sue the real defendants.This ruling will almost certainly be cited by various parties, particularly entities and individuals facing lawsuits from the U.S. Securities and Exchange Commission., by Judge Katherine Polk Failla, of the U.S.
The judge ruled that the smart contracts underpinning Uniswap and its liquidity pools operated in a way that did not specifically harm the investors, distinguishing them from the token issuers she is holding liable. And later on she added that few token issuers have registered with the SEC “as Congress and the courts have yet to make a definitive determination as to whether such tokens constitute securities, commodities, or something else.”
The judge also noted that “regulators may someday address this gray area,” pointing out that SEC Chair Gary Gensler has already “warned that decentralized finance projects were under increased scrutiny,” indicating those who might have incentive structures tied to their development of decentralized exchanges or other tools.
Judge Katherine Polk Failla is also the judge overseeing the DOJ’s case against Tornado Cash developer and co-founder Roman Storm,with conspiracy for developing a platform that third parties used to launder a billion in stolen crypto funds. Of course, it’s worth highlighting that the Tornado Cash case isn’t a securities law issue and the specific facts and circumstances are different .
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