Uniswap Trial Judge Calls Ether a Commodity in Dismissal Order
U.S. District Court Judge Katherine Polk Failla is also the judge overseeing the SEC lawsuit against the Coinbase crypto exchange.
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A U.S. district court judge has called Ether (ETH) a commodity in her dismissal of a class action lawsuit against decentralized exchange Uniswap.
In an August 30 order dismissing the case brought by Uniswap users who claimed they lost money to fraudulent tokens on the exchange, Judge Katherine Polk Failla wrote that ETH and Bitcoin (BTC) were "cryptographic products".
The distinction was also part of the reasoning why she dismissed the case: Failla said she was not persuaded by the argument that Uniswap's token sales were subject to the Exchange Act .
Interestingly, Failla is also the judge overseeing the SEC lawsuit against Coinbase. She also had previous experience overseeing other crypto cases in the past, including one involving Tether and Bitfinex.
The SDNY (Failla, J.) also explicitly found in its August 29 decision in Risely v. Uniswap that
Ethereum is a commodity, not a security.
No analysis of the problem, just the conclusion, but still, a fairly definitive statement if you ask me.
pic.twitter.com/KEc5Pf5kTC
— Bill Hughes: wchughes.eth (@BillHughesDC) August 30, 2023While his comment does not constitute a separate ruling on the legal classification of Ether in the United States, it comes as other judges have made rulings on cryptocurrencies, such as a July ruling classifying XRP (
U.S. District Court Judge Katherine Polk Failla is also the judge overseeing the SEC lawsuit against the Coinbase crypto exchange.
News
Join us on social networks
A U.S. district court judge has called Ether (ETH) a commodity in her dismissal of a class action lawsuit against decentralized exchange Uniswap.
In an August 30 order dismissing the case brought by Uniswap users who claimed they lost money to fraudulent tokens on the exchange, Judge Katherine Polk Failla wrote that ETH and Bitcoin (BTC) were "cryptographic products".
The distinction was also part of the reasoning why she dismissed the case: Failla said she was not persuaded by the argument that Uniswap's token sales were subject to the Exchange Act .
Interestingly, Failla is also the judge overseeing the SEC lawsuit against Coinbase. She also had previous experience overseeing other crypto cases in the past, including one involving Tether and Bitfinex.
The SDNY (Failla, J.) also explicitly found in its August 29 decision in Risely v. Uniswap that
Ethereum is a commodity, not a security.
No analysis of the problem, just the conclusion, but still, a fairly definitive statement if you ask me.
pic.twitter.com/KEc5Pf5kTC
— Bill Hughes: wchughes.eth (@BillHughesDC) August 30, 2023While his comment does not constitute a separate ruling on the legal classification of Ether in the United States, it comes as other judges have made rulings on cryptocurrencies, such as a July ruling classifying XRP (
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