Uniswap Lawsuit Dismissed, BlockFi Seeks Asset Conversion, SEC Faces Bitcoin ETF Deadlines
Summary:
New York District judge dismisses class-action lawsuit against Uniswap, while BlockFi seeks court approval to convert trade-only assets into stablecoins. SEC faces upcoming deadlines for Bitcoin ETF approvals.
Uniswap class-action lawsuit dismissed by New York District judge
Uniswap has been cleared of a class-action lawsuit by a New York District judge who demonstrated a deep understanding of the decentralized finance (DeFi) market. The lawsuit, filed in April 2022 on behalf of a nationwide class of users, alleged that Uniswap Labs controlled liquidity pools which included fake tokens launched by scammers. However, Judge Katherine Polk Failla dismissed the claims, stating that neither the plaintiffs nor the defendants knew the identities of the scammers and that the concerns raised were better suited for Congress to address.
BlockFi requests court permission to convert trade-only assets into stablecoins
Defunct crypto lending firm, BlockFi, has applied to a court to seek approval for the transfer of "trade-only" assets from its users' accounts into stablecoins, enabling individuals to withdraw them. The request is part of BlockFi's efforts to return users' funds, a process initiated in August. The firm filed an application with the United States Bankruptcy Court for the District of New Jersey to convert the trade-only assets, primarily Algorand's native token (ALGO), into stablecoins like Gemini Dollar (GUSD). The court has conditionally approved BlockFi's restructuring plan, and the company aims to recover funds from entities such as Alameda Research, FTX, Three Arrows Capital, Emergent, and Core Scientific.
SEC's deadlines for Bitcoin ETFs on the horizon
The U.S. Securities and Exchange Commission (SEC) is facing impending deadlines to evaluate seven spot Bitcoin exchange-traded funds (ETFs) following its court defeat to Grayscale Investments. Investment firms such as Bitwise, BlackRock, VanEck, Fidelity, Invesco, Wisdomtree, and Valkyrie are awaiting the SEC's decisions on their ETF proposals. Bitwise's deadline is set for September 1, while the others will hear back from the SEC on September 2 and 4. The recent ruling in favor of Grayscale's ETF has increased the likelihood of success for the upcoming wave of ETF applicants, although the SEC still has additional deadlines before making a final decision.
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Published At
8/30/2023 7:00:59 PM
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