JUST

Uniswap

Chair

Bitcoin

Gary

<div class="watcher-guru"> 
 <p>A US court has officially called both Bitcoin (BTC) and Ether (<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>) commodities in the dismissal of a lawsuit against DeFi platform Uniswap. Specifically, a New York judge stated it would not “stretch the federal securities laws to cover the conduct alleged” in the class action suit.&nbsp;</p> 
 <p>The complaint was directed at Uniswap for “scam tokens” that had been issued on the protocol. Subsequently, the judge dismissed the allegations that the decentralized crypto exchange was to be held accountable for the scams that harmed investors. Moreover, calling both BTC and <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> commodities in the official filing.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">JUST IN: 🇺🇸 US court calls #Bitcoin and <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> commodities while dismissing a lawsuit against Uniswap DeFi platform.</p> 
    <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
     <div class="publift-ad add"> 
      <div data-fuse="22560828227"></div> 
     </div> 
    </div> — Watcher.Guru (@WatcherGuru) August 31, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p><strong>Also Read: Only Bitcoin Can be Called a Commodity, Says SEC Chair Gary Gensler</strong></p> 
 <h2 class="wp-block-heading" id="h-us-court-calls-bitcoin-and-eth-commodities-in-uniswap-lawsuit-dismissal">US Court Calls Bitcoin and ETH Commodities in Uniswap Lawsuit Dismissal </h2> 
 <p>The ongoing conflict between the digital asset industry and US regulators has shown no signs of slowing down. Indeed, that conflict has seemingly led to arguments regarding differentiating factors between a security and a commodity. The US Securities and Exchange Commission (SEC) chair, Gary Gensler, has long stated that Bitcoin is the only crypto commodity. Yet the US courts don’t seem to agree with him.&nbsp;</p> 
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div id="primisContainer" class="add"></div> 
 </div> 
 <p>In dismissing a lawsuit against Uniswap, the US court called both Bitcoin (BTC) and Ether (<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>) commodities. Specifically, a New York judge made the distinction in a key filing made on Wednesday. This differs from the stance that the SEC has long held. Creating another point of contention in the SEC’s digital asset stance.</p> 
 <figure class="wp-block-image size-full"> 
  <img decoding="async" width="595" height="419" src="https://cdn.thebittimes.com/images/2023/08/31/6f8842a81348fd6cb01c1e5c11ba769f.webp" alt="" class="wp-image-109842" srcset="https://cdn.thebittimes.com/images/2023/08/31/6f8842a81348fd6cb01c1e5c11ba769f.webp 595w, https://cdn.thebittimes.com/images/2023/08/31/6f8842a81348fd6cb01c1e5c11ba769f.webp 300w, https://cdn.thebittimes.com/images/2023/08/31/6f8842a81348fd6cb01c1e5c11ba769f.webp 380w, https://cdn.thebittimes.com/images/2023/08/31/6f8842a81348fd6cb01c1e5c11ba769f.webp 550w" sizes="(max-width: 595px) 100vw, 595px"> 
 </figure> 
 <p><strong>Also Read: CFTC Defies SEC Again, Calling Bitcoin, Ethereum, &amp; USDC Commodities</strong></p> 
 <p>“While no court has yet decided this issue in the context of a decentralized protocol’s smart contracts, the court finds the smart contracts here were themselves able to be carried out lawfully,” the filing reads. “As with the exchange of crypto commodities <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> and Bitcoin,” it adds.&nbsp;</p> 
 <p>The differentiation could be crucial in future litigation regarding decentralized exchanges. Moreover, it could also come into play in determining securities law violations. Subsequently, the ruling of Judge Kathrine Poli Railla of New York clearly stated that the assets are not securities.</p> 
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828233"></div> 
  </div> 
 </div> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>bitcoin</li> 
  <li>ETH</li> 
 </ul> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-court-calls-bitcoin-and-eth-commodities-tbt61091.html">https://thebittimes.com/us-court-calls-bitcoin-and-eth-commodities-tbt61091.html</a></p>

US Court Calls Bitcoin and ETH Commodities

Table of Contents

TheBitTimes

Other articles published on Aug 31, 2023

Tapbit Exchange WEMIX Listing & Events

Zilliqa Price Prediction: Will ZIL Recover Above $0.020 Mark?

Binance Asia-Pacific Head Leon Foong Leaves Amidst Legal Issues

Kaspa Hashrate Is Skyrocketing – When Will The Price Follow?

Strike your luck with volume

EOS Granted Whitelist Approval by Japanese Regulators

Join our free newsletter for daily crypto updates!