U.S. Court Dismisses Uniswap Lawsuit, Supports DeFi as Ether is Deemed a Commodity

A New York court has dismissed a proposed class action lawsuit against decentralized crypto exchange Uniswap, ruling that the true defendants were the issuers of "scam tokens" and not Uniswap itself. The court classified popular cryptocurrencies Ethereum (ETH) and Bitcoin (BTC) as commodities while dismissing the lawsuit, even as the SEC has not officially done so. The court's opinion on the dismissal could impact future litigation against decentralized protocols and cases alleging violation of U.S. securities laws. The judge overseeing the case also handles the SEC lawsuit against Coinbase.