The popular DeFi protocol Uniswap won a class action lawsuit, creating further interest in the cryptocurrency market.
In April 2022, six persons filed a lawsuit against Uniswap. They claimed to have Uniswap hosting fraudulent tokens. Users suffered significant financial losses as a result of these tokens. As a result, they claimed that Uniswap was marketing unregistered securities.
However, the US District Court dismissed the complaint, finding that Uniswap had no link with the scammers who issued the tokens.
In a similar vein, although not explicitly stated, Judge Katherine Polka Failla implied that Ether may be considered a commodity.
Despite the court victory, UNI, Uniswap's native token, declined by 3% to $4.62. Nonetheless, Uniswap's triumph and Ether's rumored status might have huge ramifications for the crypto sector.