Judge in Uniswap Case Calls Ether a Commodity

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The lawsuit brought by a group against the decentralized exchange Uniswap was reportedly dismissed by United States District Court judge Katherine Polk Failla, who referred to Ether as a commodity.

Ether and Bitcoin Referred to as Commodities

Judge Failla stated in her dismissing order published on August 30 that Ether and Bitcoin were “crypto commodities” in reference to a lawsuit filed by Uniswap users who alleged they suffered financial losses as a result of fraudulent tokens on the exchange.

Legal Classification in the US

The choice of terminology also played an influence in Failla’s decision to reject the case; she claimed that the Exchange Act’s justification for Uniswap’s token sales was unpersuasive.

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Even if her remark isn’t specifically talking about Ether’s legal classification in the United States, it does follow past judicial rulings on cryptocurrencies, such as the one in July that classified XRP as a security when offered to institutional investors.

Judge Failla is, interestingly enough, the same judge who has jurisdiction over the SEC case against Coinbase. Additionally, she has prior expertise managing several cryptocurrency issues, such as one with Tether and Bitfinex. 

Dismissal of Case Against Tether

The Judge had previously dismissed Roche Freedman LLP from the litigation it had brought on behalf of various investors against Bitfinex and its sibling company Tether in October of last year. 

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The legal firm’s ongoing involvement in the litigation, in Judge Failla’s opinion, wasn’t in the best interests of the class because its figurative baggage may cause the case to falter.

Ether Leads Innovation

Ether (ETH) continues to be one of the leading competitors in the market as the cryptocurrency industry develops. Given its popularity and widespread use, it has the potential to be a profitable investment for individuals.

As reported by TheCoinRise in 2019, during the Yahoo Finance’s All Market Summit in New York, U.S. Commodity Futures Trading Commission Chairman Heath P. Tarbert proclaimed Ethereum to be a commodity. Additionally, he stated that it is “entirely possible” that Ether derivatives will materialize in 2020 or possibly earlier.

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