A New York court classified popular cryptocurrencies ether and bitcoin as "commodities" while dismissing a proposed class action lawsuit against leading decentralized crypto exchange Uniswap in a Wednesday filing.

 A New York court classified popular cryptocurrencies ether and bitcoin as "commodities" while dismissing a proposed class action lawsuit against leading decentralized crypto exchange Uniswap in a Wednesday filing.

 The lawsuit – filed in April 2022 by a group of investors against Uniswap and its creator Hayden Adams – alleged the DeFi platform violated U.S. securities laws by failing to register as an exchange or broker-dealer, offering and soliciting securities on an unregistered exchange. The suit sought to hold Uniswap accountable for investors losing money to “scam tokens” issued and traded on the protocol.

 The tokens cited in the suit include Ethereum (ERC-20) tokens EthereumMax (EMAX), Bezoge (BEZOGE) and Alphawolf Finance (AWF). But Wednesday's ruling to scrap the suit before it goes to trial stated the true defendants of the case were the issuers of the tokens in question, not Uniswap. While SEC Chief Gary Gensler has so far shied away from calling ETH a security, 

Judge Katherine Polk Failla of the Southern District of New York directly called it a commodity and declined to "stretch the federal securities laws to cover the conduct alleged," in the case against Uniswap.

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