District Judge of United States dismisses the case filed against Uniswap for tokens’ scam. Recently, a group of investors filed a case against Uniswap, quoting that they got scammed over purchasing tokens from its platform.
According to the investors, they purchased tokens on the decentralized platform of Uniswam, which was a scam. Therefore, they took action against it and filed a case against Uniswap. Upon which US district judge, Katheine Failla dismissed the case stating that the ongoing state doesn’t provide the cause of the case as per the rules of the cryptocurrency regulations.
Tokens are Securities, Says Investors
Katherine Failla heard the filing and claim of six investors who accused Uniswap of the tokens scam. US district overheard the case and the CEO’s statement and dismissed the case. The tokens that investors bought from December 2020 to March 2022 fall out as fraudulent. Due to which they had to face a major loss. People in this group come from all around the world, spanning from North Carolina and Idaho to New York and Australia.
The group of investors asserted their claim according to the federal securities laws. They believed that tokens were securities and were allegedly claimed as scam tokens. This implies that Uniswap Protocol is a cryptocurrency exchange for trading securities. However, Uniswap Protocol denied the statement and didn’t call itself a dealer, broker or any exchange.
Katherine Failla went through the claims of the both parties and gave the decision. Investors emphasized the fact that tokens are securities but they couldn’t prove them on the legal position regarding the case against associates and Uniswap. The court declared to dismiss the case and gave the decision in favour of Uniswap Protocol. The judge said that the tokens that investors bought are fraudulent but that doesn’t mean that Uniswap Protocol is liable or fraudulent.
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