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Big news in the legal crypto space. The judge in the SEC v. Coinbase case has stayed the lawsuit until the appellate court rules on whether an "investment contract" requires an actual contract. This is also the main point of contention in the Ripple appeal. The granting of an interlocutory appeal is rare and indicates that the trial level judge thinks there is "something there."

On the Uniswap dismissal today Today’s decision out of SDNY highlights the extent to which some in the federal judiciary appreciate the uncharted territory on the applicability of securities laws to an asset class as broad as crypto. For example, the judge: *Recognizes although devs could “theoretically register” tokens with SEC “Congress and the courts have yet to make a definitive determination as to whether such tokens constitute securities, commodities, or something else.” *Expresses concern about extending liability under securities laws to a situation that “does not implicate the federal securities laws” particularly given the current state of cryptocurrency regulation. *Suggests any gap is a question for Congress: “[T]he Court declines to stretch the federal securities laws … and concludes that Plaintiffs’ concerns are better addressed to Congress.”