In a landmark decision, Uniswap, a leading decentralized finance (DeFi) platform, emerged victorious Wednesday in a legal battle in the United States District Court for the Southern District of New York.
The case revolved around allegations that Uniswap violated certain provisions of the Securities Act.
The Class Action Suit Against Uniswap: The civil lawsuit was filed by Matthew Risley, who alleged that Uniswap was operating an illegal securities exchange. Risley and others argued that Uniswap's liquidity pools, which allow users to swap cryptocurrencies without a centralized intermediary, were securities because they were investment contracts.
The judge disagreed, finding that Uniswap's liquidity pools did not meet the definition of an investment contract. The judge noted that liquidity providers in Uniswap's pools do not have a common enterprise with Uniswap and they do not expect to make profits solely from the efforts of others.
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