The U.S. Court of Appeals for the Second Circuit largely affirmed the dismissal of a proposed class action lawsuit against Uniswap Labs and its venture capital backers on Wednesday in an action testing the liability of decentralized finance platforms, which facilitate the swapping of crypto, over the alleged fraudulent conduct of third parties under federal securities laws.
Alex Drylewski, a partner in the New York office of Skadden, Arps, Slate, Meagher & Flom and co-head of the Am Law 5 firm’s web3 and digital assets group, who is among the attorneys that represent the venture capital backers, pointed on social media to an excerpt of the Second Circuit’s ruling.