The SEC of the United States, which is responsible for enforcing securities laws, notified Uniswap, a decentralized exchange (DEX), on April 10th that they may be filing lawsuits against the company. Uniswap, however, disagrees and asserts that their software does not fall under securities regulation and belongs to a different category.
Marvin Ammori, Uniswap’s chief legal officer, recently discussed an identical concern in a post on X.
“Today’s Wells notice against @Uniswap is disappointing, but is not unexpected from this SEC.” “It’s another abuse of power – unsurprising from an SEC report: Last month, a federal judge committed a “gross abuse of power” by lying in court about a crypto project.”
If the SEC lacks jurisdiction over our self-custodied, non-intermediated products, they cannot instruct us on how to register them. They haven’t and therefore haven’t given any direction or clarification – as several SEC commissioners have noted in their dissenting opinions.
An unfortunate yet anticipated move by the SEC towards @Uniswap today, which unfortunately aligns with their recent history of wielding power questionably: Last month, a federal judge criticized the SEC for making misleading statements in a court case regarding a cryptocurrency project.
— Marvin Ammori (@ammori) April 10, 2024
A SEC Wells notice allows Uniswap an opportunity to address the concerned issues before facing formal regulatory penalties. Rest assured, Uniswap’s patented automated digital currency exchange system will remain unchanged and won’t meet the legal definition of a securities exchange.
Starting from the year 2021, the Securities and Exchange Commission (SEC) has been conducting an investigation into Uniswap Labs, the primary developer of Decentralized Exchange (DEX) Uniswap. The exchange has previously removed several tokens from its marketplace due to intensified regulatory oversight.
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2024-04-11 00:04