{"id":144899,"date":"2023-09-01T15:17:44","date_gmt":"2023-09-01T09:47:44","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=144899"},"modified":"2023-09-01T15:17:44","modified_gmt":"2023-09-01T09:47:44","slug":"uniswap-lawsuit-judge-calls-ether-a-commodity-in-dismissal-order-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/uniswap-lawsuit-judge-calls-ether-a-commodity-in-dismissal-order-crypto-news\/","title":{"rendered":"Uniswap lawsuit judge calls Ether a commodity in dismissal order – Crypto News"},"content":{"rendered":"
\n

A United States District Court judge has called Ether (ETH<\/a>) a commodity in her dismissal of a class action lawsuit against the decentralized exchange Uniswap<\/a>.<\/p>\n

In an Aug. 30 dismissal<\/a> order of the case brought by Uniswap users<\/a> who claimed they lost money due to scam tokens on the exchange \u2014 Judge Katherine Polk Failla wrote ETH and Bitcoin (BTC<\/a>) were \u201ccrypto commodities.\u201d<\/p>\n

The distinction was also part of her reasoning for dismissing the case \u2014 Failla said she wasn\u2019t convinced by an argument that Uniswap\u2019s token sales were subject to the Exchange Act.<\/p>\n

Interestingly, Failla is also the judge overseeing the SEC lawsuit against Coinbase. She has also had previous experience in overseeing other crypto cases in the past, including one involving Tether<\/a> and Bitfinex.\u00a0<\/p>\n

\n

The SDNY (Failla, J.) also explicitly found in its August 29 decision in Risely v. Uniswap that <\/p>\n

Ethereum is a commodity, not a security. <\/p>\n

No analysis of the issue, just the conclusion, but still, pretty definitive statement if you ask me.<\/p>\n

pic.twitter.com\/KEc5Pf5kTC<\/a><\/p>\n

\u2014 Bill Hughes : wchughes.eth (@BillHughesDC) August 30, 2023<\/a><\/p><\/blockquote>\n

While her comment is not a distinct ruling on Ether\u2019s legal classification in the U.S., it comes as other judges have made decisions on cryptocurrencies such as a July ruling classing XRP (XRP<\/a>) as a security<\/a> when sold through programmatic sales on exchanges.<\/p>\n

In recent years, two U.S. financial regulators, the Securities and Exchange Commission and the Commodity Futures Trading Commission have tussled over jurisdiction<\/a>\u00a0concerning\u00a0cryptocurrencies.<\/p>\n

SEC chair Gary Gensler<\/a> had once claimed \u201ceverything other than Bitcoin\u201d is a security<\/a> under his agency\u2019s remit. <\/p>\n

Meanwhile, the CFTC has laid claim to ETH<\/a> and other cryptocurrencies as commodities \u2014 per a suit it filed against Binance in March for alleged Commodities Exchange Act violations.<\/p>\n

Related: <\/em><\/strong>SEC\u2019s first deadlines to approve 7 Bitcoin ETFs coming over the next week<\/em><\/strong><\/a><\/p>\n

However, U.S. lawmakers are yet to decide how the SEC or CFTC will be handed authority over crypto.<\/p>\n

Multiple bills to provide digital asset regulatory clarity are inching their way through Congress<\/a> which vary in how to divvy authority between the two regulators.<\/p>\n

Some, such as the Financial Innovation and Technology for the 21st Century Act, aim to create a process<\/a> for categorizing cryptocurrencies into either securities or commodities.<\/p>\n

Others explicitly hand power to a regulator <\/strong>such as the Digital Commodity Exchange Act which sees<\/a> crypto spot exchanges registered and regulated under the CFTC.<\/p>\n

The Digital Asset Market Structure Bill, meanwhile, would see cryptocurrencies undergo SEC certification<\/a> to prove adequate decentralization before being given commodity status.<\/p>\n

Magazine: <\/em><\/strong>DeFi Dad, Hall of Flame: Ethereum is \u2018woefully undervalued\u2019 but growing more <\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A United States District Court judge has called Ether (ETH) a commodity in her dismissal of a class action lawsuit against the decentralized exchange Uniswap. In an Aug. 30 dismissal order of the case brought by Uniswap users who claimed they lost money due to scam tokens on the exchange \u2014 Judge Katherine Polk Failla […]<\/p>\n","protected":false},"author":2,"featured_media":144900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-144899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=144899"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144899\/revisions"}],"predecessor-version":[{"id":145840,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144899\/revisions\/145840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/144900"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=144899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=144899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=144899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}