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https://warpcast.com/~/channel/law-policy
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larry
@larryflorio.eth
The 2nd Circuit issued an opinion on the lawsuit against @uniswap & Uniswap Foundation (and some investors) some 🔥 analysis in here DEX swaps "are more analogous to overarching user agreements than to securities transactions conducted by traditional broker dealers" there's more 👇
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larry
@larryflorio.eth
I barely want to provide any commentary on this bc the Court just nails it over & over "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."
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larry
@larryflorio.eth
And another one: "As the district court noted, extending such liability to that role would be akin to holding the NASDAQ or [NYSE] liable as facilitators of any fraudulent stock purchase on their exchanges" tl;dr - devs aren't liable for the misuse of their tech by others
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larry
@larryflorio.eth
Federal claims under Securities/Exchange Acts FAILED 🔥 No "statutory seller" status 🔥 Smart contracts ≠ illegal agreements 🔥 Social media promo ≠ securities solicitation State law claims get remanded - battle continues in lower court. Partial but big win for plaintiffs
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larry
@larryflorio.eth
This reinforces critical protections for decentralized protocols. As the Court noted: "The token issuers and liquidity providers make each token available - not the platform." Watershed moment for crypto accountability standards.
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