In a landmark ruling, United States District Judge Katherine Polk Failla has declared Ethereum (ETH) and Bitcoin as “crypto commodities” while dismissing a class-action lawsuit against Uniswap. This decision offers a definitive stance in the ongoing SEC vs. CFTC jurisdiction battle.The lawsuit was filed in April 2022 by six crypto investors who had fallen prey to a scam involving Uniswap tokens. The plaintiffs argued that Uniswap Labs should be held accountable for controlling its liquidity pools, including those created by scammers. Judge Failla dismissed these arguments, stating that the concerns should be addressed by Congress, not the court.Following the ruling, Ethereum’s price jumped by about 4%. A single whale even splurged $13.6 million USDC to purchase 8,000 ETH at $1,708. This surge brings ETH closer to breaking its recent resistance levels, fueling speculations that it might reach the $2,500 mark soon.Not just Ethereum, but Bitcoin prices also showed a positive uptick following the recent regulatory clarifications. BTC prices went as high as $28,200 before settling at around $27,400. Meanwhile, ETH plateaued at $1,740 and later stabilized at approximately $1,720. The long-term impacts of these legal rulings on cryptocurrency prices are yet to fully materialize, but the current landscape suggests a bullish future for Ethereum.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 10 |
| People | Uniswap., Risely, Bill Hughes, Katherine Polk Failla, Collin Brown |
| Companies | SEC, Coinbase, FINRA, FAC, CFTC, Uniswap |
| Currencies | Ethereum, Uniswap, USD Coin, Bitcoin |
| Securities | None |
