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.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
First day of school at Barrington School District 220 part of 50th anniversary commemorationThe new academic year at Barrington School District 220 also marks the district's 50th anniversary.
Les mer »
Most large cryptocurrencies decrease on Uniswap, Cardano dropsMost large cryptocurrencies were down during morning trading on Tuesday, with Uniswap seeing the biggest change, shedding 2.20% to $4.58. Seven additional...
Les mer »
Federal judge rules in favor of Dallas on median ban injunctionU.S. District Judge Ada Brown on Friday issued a ruling saying she agreed with a July recommendation from U.S. Magistrate Judge Renee Harris Toliver to deny a...
Les mer »
Students at North Penn School District head back to classThe music was pumping and the students were smiling outside North Wales Elementary on Tuesday as they headed back to class for the new school year.
Les mer »
US judge set to decertify Google Play class action By ReutersUS judge set to decertify Google Play class action
Les mer »
California sues SoCal school district over parent notification policy if their kids change pronounsCalifornia’s top prosecutor sues the Chino Valley Unified School District over what he calls “forced outing” of transgender students.
Les mer »