Uniswap

<ul><li>U.S. District Court for the Southern District of New York dismisses class-action suit against Uniswap Labs, its CEO, and venture capital backers.</li><li>Judge Katherine Polk Failla rules that federal securities laws do not apply to the case, emphasizing the decentralized nature of Uniswap.</li><li>Per experts, the ruling has a more direct impact on the application of current securities laws.</li></ul>The United States District Court for the Southern District of New York, presided over by Judge Katherine Polk Failla, <a href="https://www.docdroid.net/APrJolt/risley-v-uniswap-pdf" rel="noopener noreferrer nofollow">dismissed</a> a class-action lawsuit against Uniswap Labs, its CEO, and venture capital backers. The lawsuit was initiated by six individuals who alleged that they had lost money due to scam tokens traded on Uniswap's decentralized exchange platform. The case was filed in April 2022, and the plaintiffs sought compensation under the Securities Act of 1933 and the Securities Exchange Act of 1934.The plaintiffs <a href="https://www.businesswire.com/news/home/20220408005389/en/Kim-Serritella-LLP-and-Barton-LLP-Announce-a-Securities-Class-Action-Against-Uniswap-and-Other-Defendants-Regarding-the-Unregistered-Offer-and-Sale-of-Digital-Tokens-and-Lead-Plaintiff-Deadline" rel="noopener noreferrer nofollow">contended</a> that Uniswap Labs exerted control over the liquidity pools, including those that were manipulated by unidentified scammers. They further argued that Uniswap's proprietary core contracts held liquidity provider funds and newly created tokens. However, the court found that the allegations did not warrant stretching the federal securities laws to cover the conduct in question.Emphasizing the plaintiffs’ allegations concerning the core and router contractsJudge Failla stated:"It defies logic that a drafter of computer code underlying a particular software platform could be liable under Section 29(b) of the Exchange Act for a third-party’s misuse of that platform."Read full article at <a href="https://cryptotale.org/u-s-district-court-rules-in-favor-of-uniswap-labs-in-landmark-case/" rel="noopener noreferrer nofollow">CryptoTale.</a>

U.S. District Court Rules in Favor of Uniswap Labs in Landmark Case

CryptoTale

Other articles published on Aug 31, 2023

Yearn Community Approved the "Launch v3 Proposal"

Judge Dismisses Uniswap Lawsuit; Describes ETH a Commodity

BingX BTCUSDT scored industry lowest Slippage after Advanced Perpetual Futures Upgrades

City University Ajman and Ajman Municipality Collaborate in Empowering Human Resources through We...

🔥opBNB — New Vote on Roobee DAO!

Swift and Chainlink Collaborate to Foster Interoperability for Tokenized Asset Markets

Join our free newsletter for daily crypto updates!