Uniswap Pledges To Fight SEC Following Wells Notice

Decentralized cryptocurrency exchange, Uniswap has received a Wells Notice from the United States Securities and Exchange Commission (SEC). The company received the notice on Wednesday which serves as an intention for an enforcement action against a company before the actual lawsuit.

Today Uniswap Labs received a Wells notice from the SEC

And we’re ready to fight

This is the latest political effort to target even the best actors in crypto like Uniswap and Coinbase

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All Uniswap products and the Uniswap Protocol are unaffectedhttps://t.co/i2p5LubELk

— Uniswap Labs 🦄 (@Uniswap) April 10, 2024

This comes following moves by the SEC to probe crypto platforms in the country. Uniswap joins Coinbase, Binance, and other firms in the Commision’s regulatory waters. Although the actual nature of probe remains unclear, from recent events, the Commission could be investigating alleged unregistered securities like the case of Binance and Coinbase. 

Uniswap Vows to Defend DeFi

The largest decentralized exchange will challenge the SEC’s decision expressing confidence in the products it offers. Hayden Adams, the founder of Uniswap disclosed the incident on X (formerly Twitter) adding the company is 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 working to create clear, informed rules, the SEC has decided to focus on attacking long-time good actors like Uniswap and Coinbase. All while letting bad actors like FTX slip by.” 

He noted that though the general mission of the SEC is noble, Uniswap does function better in terms of maintaining fair markets. He bemoaned the regulator’s strategy of protecting opaque systems instead of users.

Possible Fight To The Supreme Court  

Furthermore, he expressed frustration with the company fighting a government agency to protect itself and the sector adding that it may take years but freedom is worth fighting for.

“This fight will take years, may go all the way to the Supreme Court, and the future of financial technology and our industry hangs in the balance. If we stand together we can win. I think freedom is worth fighting for. I think DeFi is worth fighting for.”

The company described the move as a political effort to target the best in crypto with crypto enthusiasts supporting the firm and lambasting the bottleneck pattern of the SEC.

Also Read: OpenAI, Mistral, And Google Launches Updated AI Models 

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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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