In a move that could have significant implications for the future of Decentralized Finance (DeFi), Uniswap Labs has received a Wells Notice from the SEC.
A Wells Notice informs a recipient that the SEC is considering enforcement action against them.
On Wednesday afternoon, Uniswap’s COO Mary-Catherine Lader and Chief Legal Officer Marvin Ammori informed journalists that the Wells notice primarily focused on allegations of Uniswap operating as an unregistered securities broker and exchange.
Today @Uniswap Labs received a Wells notice from the SEC.
I’m not surprised. Just annoyed, disappointed, and ready to fight.
I am confident that the products we offer are legal and that our work is on the right side of history. But it’s been clear for a while that rather than…
— hayden.eth
(@haydenzadams) April 10, 2024
The potential classification of Uniswap’s native token, UNI, as a security in the SEC’s notice remains uncertain. Ammori expressed his belief that Uniswap does not currently meet the SEC’s criteria for an exchange. He also referenced a recent court ruling in the SEC’s case against Coinbase, where a judge determined that Coinbase Wallet was not a broker, which could end well for Uniswap’s defense against similar charges.
This development follows a series of similar actions by the SEC against other cryptocurrency companies, raising concerns about a broader crackdown on the industry. Uniswap argues that the SEC’s approach stifles innovation and unfairly targets legitimate businesses within the DeFi space. It maintains that the tokens it offers are not securities, despite the SEC’s assertion of jurisdiction over most tokens apart from Bitcoin.
“I am confident that the products we offer are legal and that our work is on the right side of history.” Uniswap CEO Adams posted on Twitter.
The CEO further expressed frustration over the SEC act’s emphasis on protecting opaque systems rather than consumers. Adams added that the Uniswap community will have to fight the US government agency in court.
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