Bitcoin & Ethereum. Are They Commodities

GM Readers!📪 It's BitDegree Insider, and let's tune in for some real talk.

⭐️Today's selection:

• 🤔Bitcoin & ETH. Are They Commodities?
• 🌍Worldcoin Sets a New Record
• 🕴️Web3 Specialists Are in Demand
• 👌Selected Meme of The Day
• 📰Bite-Sized News

BITCOIN & ETH. COMMODITIES?

Time for the backstory.

The U.S. District Court recently dismissed a class-action lawsuit leveled against Uniswap Labs. The company had been accused of promoting unlicensed securities and aiding fraudulent activities.

Significantly, the court referred to Bitcoin and Ethereum as "crypto commodities" rather than securities.

The judge clarified that the selling of tokens on decentralized exchanges (DEXs) does not come under the jurisdiction of the Exchange Act.

Initial Lawsuit Details:

The lawsuit was initially filed in April 2022. According to the suit, a group of traders purchased specific tokens—namely MXS, BUNNY, and AWF—on the Uniswap decentralized exchange.

Unfortunately, these projects turned out to be scams, resulting in financial losses for the traders. The plaintiffs took legal action against the development company behind Uniswap, arguing that the company had control over the liquidity pools, routers, and the DEX platform itself.

Judge's Ruling:

Judge Katherine Polk Failla of the Southern District of New York took the side of the defendant. She specifically highlighted the unique operating characteristics of platforms like Uniswap.

During it, the judge called Ethereum a commodity, which paved the way for a broader understanding and acceptance of Ethereum (and Bitcoin!) as a commodity instead of a security. That's good (and BIG) news for anyone who's willing to see the legal madness calm down about what such cryptocurrencies actually are (in legal terms).

It's noteworthy that even the judge has a good understanding of what a DEX is!

Additional Economic Data:

In related news, today's U.S. Core PCE Price Index year-over-year statistics were also released. The result is…. a 4.2% increase. Just as expected! For a broader picture, compare it with 4.1%, which was the value from the last measurement.

No surprises here, but be prepared for market volatility today. Keep this in mind!

TL;DR: The U.S. District Court dismisses a class-action lawsuit against Uniswap Labs, ruling that tokens sold on decentralized exchanges like Uniswap are not under the jurisdiction of the Exchange Act and referring to Bitcoin and Ethereum as "crypto commodities." The lawsuit was filed by traders who suffered losses due to scams involving tokens purchased on Uniswap, with the judge's decision shedding light on the unique characteristics of decentralized platforms and the legal classification of cryptocurrencies.

WORLDCOIN SETS A RECORD

Worldcoin, the infamous coin that became popular because of its eye-scanning-orb, just set a record for the number of users registered in one day in Argentina.

Or, to put it more dramatically:

Argentinians Are Selling Their Personal Data En Masse

Worldcoin reported that demand for identification through their service is still high.

In a single day, about 9,500 people in Argentina scanned their iris, setting a new record.

The demand also led to Worldcoin's wallet—World App—temporarily topping the list of apps in Argentina's App Store.

By the way, the payment that these people receive for doing so is no longer $50, but around $30, as the $WLD token has significantly dropped in price.

The Argentine regulator initiated an investigation against Worldcoin in early August and is still contemplating what's actually going on.

TL;DR: Worldcoin, known for its eye-scanning technology, achieved a record-breaking registration of 9,500 users in one day from Argentina. The $WLD token's value decline led to a lowered payment of around $30 per iris scan amid an investigation by Argentine authorities.

WEB3 SPECIALISTS, WHERE ARE YOU?

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SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Sensitive FTX User Data Leaked During Kroll's Security Incident. Kroll's hacking incident might have claimed more than non-sensitive data, as initially reported.
• CEO of Coinbase Shares 10 Crypto Ideas He'd Like to See Developed. Coinbase's CEO shares ideas that could benefit the crypto industry moving forward.
• Binance to Halt Support for Branded Stablecoin BUSD Prior to February 2024. Binance will cease support for BUSD in 2024 and encourages users to make a switch before the deadline.

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