The American Court of Appeal for the second circuit issued a decision on Wednesday in large part to the decision of a lower court in 2023 to launch a collective appeal for a decentralized uniswap exchange.
A group of investors initially continued Uniswap Labs, the company behind the decentralized protocol of the same name, and some of its venture capital investors in 2022, alleging that the company was responsible for harming investors by authorizing the scam tokens to be issued on its protocol.
The judge of the District Court, Katherine Polk Failla, of the South District of New York (SDNY) is satisfied with Uniswap in 2023 and canceled the trial before his trial, compares the arguments of the complainants to “a prosecution trying to hold a request like Venmo or Zelle responsible for a drug traffic which used the platform to facilitate a transfer of funds”.
The applicants appealed to Failla’s decision in September 2023, but were widely closed by the new decision of the second circuit on Wednesday. The judges of the second circuit confirmed Failla’s decision to reject the complaints of the complainants under the Securities Act and the law on exchange, writing:
“In short, we agree with the district court that it defies the logic ” that an editor of an intelligent contract, a computer code, could be held responsible under the law of exchange for the abusive use of a third-party user of the platform,” said the file.
The only part of Failla’s decision which was canceled and referred to a district court – which means that the lower court will hear this ribbon of the complainants’ case – were the statements of the law of the State, which essentially seek to judge similar allegations under the State, rather than the federal law, in New York, in North Carolina and Idaho.
The decision is a victory for Uniswap, fresh out of Tuesday’s announcement that the former president of Securities and Exchange) of the United States Securities Commission, Gary Gensler, was surveyed on the decentralized exchange which, under the former president of Securities, did not expose his exposure to non-registered titles.
Read more: dry drops the UNISWAP investigation, will not file the application measures
