{"id":21778,"date":"2023-08-31T19:46:57","date_gmt":"2023-08-31T19:46:57","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/u-s-court-dismisses-uniswap-lawsuit-calls-eth-bitcoin-commodities\/"},"modified":"2023-08-31T19:46:58","modified_gmt":"2023-08-31T19:46:58","slug":"u-s-court-dismisses-uniswap-lawsuit-calls-eth-bitcoin-commodities","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/u-s-court-dismisses-uniswap-lawsuit-calls-eth-bitcoin-commodities\/","title":{"rendered":"U.S. Court Dismisses Uniswap Lawsuit, Calls ETH & Bitcoin Commodities"},"content":{"rendered":"
\n

The perplexing debate as to whether or not a digital asset is considered to be a \u201csecurity\u201d or a \u201ccommodity\u201d continues to frustrate U.S. regulators and industry participants, as we aren\u2019t getting much closer to understanding what criteria truly distinguish them.\u00a0<\/p>\n

But now, things just got interesting with respect to the role developers and smart contracts play in a securities class-action lawsuit.<\/p>\n

In a \u201ccase of first impression,\u201d New York District Judge Katherine P. Failla addressed whether the developers and investors in the Uniswap Protocol crypto exchange platform were subject to various provisions of our current federal securities laws.\u00a0<\/p>\n

The class-action securities lawsuit, filed on September 27, 2022, centered around Uniswap\u2019s alleged involvement in the creation and dissemination of fraudulent tokens, which allegedly inflicted financial harm on investors.\u00a0<\/p>\n

The Complaint specifically named Universal Navigation Inc., d\/b\/a Uniswap Labs, its CEO Hayden Adams, and the Uniswap Foundation, alleging two primary federal securities claims against Uniswap:<\/p>\n

    \n
  1. The rescission of Plaintiff\u2019s purportedly \u201cunlawful contracts\u201d with Uniswap pursuant to Section 29(b) of the Securities Exchange Act of 1934; and\u00a0<\/strong><\/li>\n<\/ol>\n
      \n
    1. Uniswap\u2019s alleged violation of Section 12(a)(1) of the Securities Act of 1933.<\/strong><\/li>\n<\/ol>\n

      Both of the Plaintiffs\u2019 claims stem from reported losses that arose out of scams and other misconduct that was committed by unknown issuers of the tokens.<\/p>\n

      On December 21, 2022, Uniswap et al. filed its respective motions to dismiss, which the Court ultimately granted.<\/p>\n

      Lawful Smart Contracts vs. Unlawful Transactions<\/h2>\n

      The Plaintiffs allege that Uniswap contracted with them so as to require its users to buy and sell tokens using smart contracts that were drafted by the DeFi protocol, to which Plaintiffs assented to.\u00a0<\/p>\n

      However, the Court wasn\u2019t convinced by these arguments. Its Order, which underlines the distinction between a security and a commodity, not only absolved Uniswap of liability but provided a deeper analysis of today\u2019s utilization of smart contracts.<\/p>\n

      Under Section 29(b) of the Exchange Act<\/strong>:<\/p>\n

      \n

      \u201cEvery contract made in violation of any provision of this chapter or of any rule or regulation thereunder, and every contract \u2026 the performance of which involves the violation of, or the continuance of any relationship or practice in violation of, any provision of this chapter or any rule, or regulation thereunder, shall be void \u2026 as regards the rights of any person who, in violation of any such provision, rule, or regulation, shall have made or engaged in the performance of any such contract.\u201d<\/p>\n<\/blockquote>\n

      To establish a violation of this provision, the Plaintiffs were required to show that the (smart) contract involved:<\/p>\n

      (1) A prohibited transaction<\/strong><\/p>\n

      (2) Contractual privity with Uniswap<\/strong>, and <\/p>\n

      (3) They are in a class of persons that the Exchange Act was designed to protect.<\/strong><\/p>\n

      Turning to the first element of \u201cprohibited transactions<\/strong>,\u201d the Court stated that rescinding such a contract isn\u2019t allowed when \u201cthe violation complained of is collateral or tangential to the contract between the parties.\u201d\u00a0<\/p>\n

      Applying common law principles, the Court added that a contract can only be voided or rescinded when performance under the contract is completely prevented without a party violating the Exchange Act.\u00a0<\/p>\n

      Citing the 1968 case of Eastside Church of Christ v. Nat\u2019l Plan, Inc., <\/em>the Court stated that \u201conly unlawful contracts may be rescinded, not unlawful transactions made pursuant to lawful contracts.\u201d\u00a0<\/p>\n

      In other words, there is no logic in holding the drafter or programmer of computer code that underlies a particular software platform liable for a third party\u2019s misuse of that platform.\u00a0<\/p>\n

      The Court compared this to a \u201cmanufacturing defect\u201d and something that more closely resembles a group of users attempting to hold a platform like Venmo or Zelle liable for a drug deal that used those platforms to facilitate a fund transfer. It also used the example of an attempt to hold a developer of self-driving cars liable for a third party\u2019s use of the car to commit a traffic violation or to rob a bank.<\/p>\n

      \n

      \u201cIn those circumstances, one would not sue the car company for facilitating the wrongdoing; they would sue the individual who committed the wrong,\u201d Judge Failla wrote.<\/p>\n<\/blockquote>\n

      \n

      \u201cThere, as here, collateral, third-party human intervention causes the harm, not the underlying platform,\u201d her ruling continued.<\/p>\n<\/blockquote>\n

      The filing further drew parallels between the exchange of Bitcoin and Ether and the functioning of the smart contracts in question, recognizing the nature of smart contracts to be \u201cself-executing, self-enforcing code\u201d that contains the terms and conditions as agreed to between a buyer and seller.\u00a0<\/p>\n

      \n

      \u201cWhile no court has yet decided this issue in the context of a decentralized protocol\u2019s smart contracts, the court finds the smart contracts here were themselves able to be carried out lawfully,\u201d Judge Failla stated.\u00a0<\/p>\n<\/blockquote>\n

      Bitcoin and ETH Labeled As Commodities <\/h2>\n

      At the end of the day, Judge Failla refused to \u201cstretch the federal securities laws to cover the conduct alleged\u201d in the complaint, referring to Bitcoin (BTC) and Ether (ETH) as \u201ccommodities,\u201d dismissing the plaintiff\u2019s Motion to Dismiss.\u00a0<\/p>\n

      While the U.S. Securities and Exchange Commission (SEC) is determined to extend this debate as far out as possible, its chair, Gary Gensler, continues to remain a sight for sore eyes when it comes to taking a clear position on how the agency applies its \u201csubjective\u201d criteria to determine whether or not a digital asset is classified as a \u201csecurity.\u201d\u00a0<\/p>\n

      On the same day of Judge Failla\u2019s ruling, leading crypto asset manager, Grayscale Bitcoin Trust (GBTC) finally had its long-awaited legal victory against the SEC in attempting to transform its over-the-counter GBTC application into a listed Bitcoin ETF. <\/p>\n

      The differentiation set forth in the August 29 ruling certainly introduces an additional layer of complexity to the SEC\u2019s stance on digital assets, underscoring the evolving nature of cryptocurrency regulation. As the legal landscape continues to take shape, this decision could reverberate throughout the industry, prompting further discussions and potential recalibrations of regulatory perspectives.\u00a0<\/p>\n

      But for now, Judge Failla\u2019s ruling is a starting\u00a0precedent for how smart contracts are analyzed and BTC and ETH\u2019s treatment as commodities.<\/p>\n

      Gensler has consistently maintained that Bitcoin holds the sole distinction of being a crypto commodity. However, the recent court ruling presents a contrasting perspective.<\/p>\n

      Editor\u2019s note: This article was written by an nft now staff member in collaboration with OpenAI\u2019s GPT-4.<\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

      The perplexing debate as to whether or not a digital asset is considered to be a \u201csecurity\u201d or a \u201ccommodity\u201d continues to frustrate U.S. regulators and industry participants, as we aren\u2019t getting much closer to understanding what criteria truly distinguish them.\u00a0 But now, things just got interesting with respect to the role developers and smart […]<\/p>\n","protected":false},"author":1,"featured_media":20165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-21778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft"],"yoast_head":"\nU.S. Court Dismisses Uniswap Lawsuit, Calls ETH & Bitcoin Commodities | NFT & Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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