Fun

News Feed - 2023-08-31 09:08:03

Jesse Coghlan8 hours agoUniswap lawsuit judge calls Ether a commodity in dismissal orderUnited States District Court Judge Katherine Polk Failla is also the judge overseeing the Securities and Exchange Commission’s lawsuit against crypto exchange Coinbase.3139 Total views27 Total sharesListen to article 0:00NewsJoin us on social networksA United States District Court judge has called Ether (ETH) a commodity in her dismissal of a class-action lawsuit against the decentralized exchange Uniswap.


In an Aug. 30 dismissal order of the case brought by Uniswap users who claimed they lost money due to scam tokens on the exchange, Judge Katherine Polk Failla wrote ETH and Bitcoin (BTC) were “crypto commodities.”


The distinction was also part of her reasoning for dismissing the case — Failla said she wasn’t convinced by an 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 has also had previous experience in 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 issue, just the conclusion, but still, pretty definitive statement if you ask me.

pic.twitter.com/KEc5Pf5kTC— Bill Hughes : wchughes.eth (@BillHughesDC) August 30, 2023


While her comment is not a distinct ruling on Ether’s legal classification in the U.S., it comes as other judges have made decisions on cryptocurrencies such as a July ruling classing XRP (XRP) as a security when sold to institutional investors.


In recent years, two U.S. financial regulators, the Securities and Exchange Commission and the Commodity Futures Trading Commission have tussled over jurisdiction concerning cryptocurrencies.


SEC Chair Gary Gensler once claimed that “everything other than Bitcoin” is a security under his agency’s remit.


Meanwhile, the CFTC has laid claim to ETH and other cryptocurrencies as commodities — per a suit it filed against Binance in March for alleged Commodities Exchange Act violations.


Related:SEC’s first deadlines to approve 7 Bitcoin ETFs coming over the next week


However, U.S. lawmakers are yet to decide how the SEC or CFTC will be handed authority over crypto.


Multiple bills to provide digital asset regulatory clarity are inching their way through Congress that vary in how to divvy authority between the two regulators.


Some, such as the Financial Innovation and Technology for the 21st Century Act, aim to create a process for categorizing cryptocurrencies into either securities or commodities.


Others explicitly hand power to a regulator,such as the Digital Commodity Exchange Act, which sees crypto spot exchanges registered and regulated under the CFTC.


The Digital Asset Market Structure Bill, meanwhile, would see cryptocurrencies undergo SEC certification to prove adequate decentralization before being given commodity status.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:DeFi Dad, Hall of Flame: Ethereum is ‘woefully undervalued’ but growing more# Ethereum# United States# Court# UniswapAdd reactionAdd reactionRead moreHow to send and receive payments on the Lightning Network2024 could be very bullish for crypto — Here’s whyThe future of BTC mining and the Bitcoin halving

News Feed

BTC price eyes $58K CME gap as analysis flags 2 Bitcoin death crosses
William Suberg9 hours agoBTC price eyes $58K CME gap as analysis flags 2 Bitcoin death crossesBitcoin faces issues with liquidity despite an admirable comeback from six-month lows — can BTC price upside last?4682 Total
Top Next Crypto to Explode 100x as Circle Hit $60B Amidst Investor Frenzy
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin is up 1,800% 4 years after the 2020 COVID-19 BTC price crash
William Suberg8 hours agoBitcoin is up 1,800% 4 years after the 2020 COVID-19 BTC price crashFrom bottom buys to stimulus checks, Bitcoin has richly rewarded those who used the events during the COVID-19 pandemic to incr
Belarus Has Seized Millions of Dollars in Crypto, Chief Investigator Claims
Belarus Has Seized Millions of Dollars in Crypto, Chief Investigator Claims Authorities in Belarus have mastered the seizure of cryptocurrencies, the head of the country’s I
Value Locked in Defi Sheds $55 Billion in 2 Months, Ethereum’s Defi Dominance Loses 14%
Value Locked in Defi Sheds $55 Billion in 2 Months, Ethereum"s Defi Dominance Loses 14% The crypto-economy has been sliding in value during the last 48 hours as the current market
Binance-backed Magic Square IDO platform to democratize retail investor access
Zoltan Vardai10 hours agoBinance-backed Magic Square IDO platform to democratize retail investor accessIDO launchpads are becoming a popular way to raise funds for projects, with some IDOs reaching nearly half a billion
Wolf.bet Is a Provably Fair Gambling Casino Supporting Multiple Cryptocurrencies
Wolf.bet Is a Provably Fair Gambling Casino Supporting Multiple CryptocurrenciesHave you been looking for an online gaming platform you can trust with your digital assets and that w
Kazakhstan President Orders Government to Find All Miners and Raise Tax by April
Kazakhstan President Orders Government to Find All Miners and Raise Tax by April President of Kazakhstan Kassym-Jomart Tokayev has instructed authorities to identify all crypto min
SEC delays decision on 7RCC’s eco-friendly spot Bitcoin ETF
Ana Paula Pereira4 hours agoSEC delays decision on 7RCC’s eco-friendly spot Bitcoin ETFThe U.S. SEC has extended its review period on a rule change that would allow the listing of 7RCC’s Spot Bitcoin and Carbon Credi
Ana Paula Pereira4 hours agoBitcoin core developer steps back from Lightning Network over "hard dilemma"Antoine Riard believes the Bitcoin community faces a "hard dilemma" as a new class of replacemen
Helen Partz10 hours agoTether credits USDT growth surge to ETF excitement, emerging marketsTether’s USDT added at least $20 billion to its market capitalization in 2023, while rival stablecoin USDC lost the same amount
Will GTA 6 Be Exclusive to the Rockstar Launcher?
Rockstar Games now has its own game launcher, joining companies like Epic Games and EA as they have storefronts too. Rockstar has been selling its hugely popular game, Grand Theft Auto 5, on storefronts such as Steam, bu