A New York judge declined to 'stretch the federal securities laws to cover the conduct alleged' in a proposed class action complaint seeking to hold Uniswap accountable for 'scam tokens' issued on the protocol.
by a group of investors against Uniswap and its creator Hayden Adams – alleged the DeFi platform violated U.S. securities laws by failing to register as an exchange or broker-dealer, offering and soliciting securities on an unregistered exchange. The suit sought to hold Uniswap accountable for investors losing money to “scam tokens” that were issued and traded on the protocol. The tokens cited in the suit include Ethereum tokens EthereumMax , Bezoge and Alphawolf Finance .
The court's opinion on its dismissal of the class action suit could influence future litigation against decentralized protocols and perhaps even those alleging violation of U.S. securities laws.The decentralized nature of the Uniswap Protocol made identifying scam token issuers"unknown and unknowable," leaving no"identifiable defendant" in the case, Judge Polk Failla said in the opinion following Wednesday's order.
The court also shot down the plaintiffs' argument that Uniswap was like the manufacturer of a self-driving car and that the protocol and its creators caused harm by creating a system that allowed for scam tokens.
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