Amanda Tuminelli
@atuminelli
A huge win for @uniswap and software devs everywhere today. The 2d Cir affirmed the dismissal of fed securities claims in Risley v. Uniswap Labs. "The threshold issue in this case is whether the developers of automated computer codes that facilitate the transfer of cryptocurrency on a decentralized exchange may be held liable under federal securities laws for the alleged fraudulent conduct of third parties on that exchange." Inject it into my veins: "In sum, we agree with the district court that it “defies logic” that a drafter of a smart contract, a computer code, could be held liable under the Exchange Act for a third party user’s misuse of the platform . . . Accepting Plaintiffs’ allegations as true, the district court appropriately determined that Defendants’ smart contracts were, at best, collateral to the third parties’ scam token activities and the type of tangential activity that falls outside of Section 29(b)."
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Amanda Tuminelli
@atuminelli
Link to the order: https://www.courtlistener.com/docket/68002980/114/risley-v-universal-navigation-inc/
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