The crypto industry is on a roll at the moment as another court victory has been notched up this week in a class action lawsuit against Uniswap.
“The Court declines to stretch the federal securities laws to cover the conduct alleged, and concludes that Plaintiffs’ concerns are better addressed to Congress than to this Court.”
Observers and industry advocates commented that this shows a deep understanding of the decentralized finance ecosystem. Partner at Brown Rudnick, Stephen Palley, commented: “This isn’t a case about products liability or negligence, but touches on some of the same issues: forseeabilty of harm, responsibility for third party misuse and third party damage.”ConsenSys lawyer Bill Hughes said:
“This is big. I’m still digesting the decision, but this more directly impacts the application of current securities laws to DeFi than the Ripple or TerraForm Labs cases.” “The fact that Uniswap created the platform on which the scam token issuers perpetrated their scheme does NOT make Uniswap responsible for the fraud and resulting injury, and least under US securities laws,” he added.alleging that they were responsible for plaintiffs being harmed in a rug pull engineered by scam token issuers.
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