In an article published on August 30th, Judge Catherine Powell Feola in a United States county court described Ethereum (ETH) as a commodity. This occurred in the context of her dismissal of a class-action lawsuit brought against the Uniswap exchange. The users who filed the lawsuit claimed they lost money due to fraudulent tokens on the exchange. Judge Feola pointed out that Ethereum and Bitcoin (BTC) are considered “cryptocurrency commodities.”
This distinction was used as part of the reasoning leading to the case’s dismissal, as Feola affirmed that she wasn’t convinced by the argument that Uniswap token sales are subject to securities law.