The U.S. District Court of Southern New York has rejected a class-action suit against decentralized cryptocurrency exchange Uniswap over losses from scams.
in her order that neither side knew the identities of the scammers and in place of suing the scammers for unlawful solicitation, the plaintiffs were suing the defendants for statements made on social media:
“Undaunted, they now sue the Uniswap Defendants and the VC [venture capital] Defendants, hoping that this Court might overlook the fact that the current state of cryptocurrency regulation leaves them without recourse, at least as to the specific claims alleged in this suit.”“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.
The judge commented in more general terms as well. Writing about the plaintiffs' allegations concerning the core and router contracts, she said: “It defies logic that a drafter of computer code underlying a particular software platform could be liable under Section 29 [ of the Exchange Act] for a third-party’s misuse of that platform.”in 2022 for unregulated securities sales in her reasoning. She dismissed the case with prejudice, meaning the case cannot be retried.
Community commenters noted with pleasure that the decision showed a considerable depth of understanding of decentralized finance.If you choose to avoid the legal process, if you do not want to engage in good faith rulemaking, the courts will not bail you out.
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