Once upon a time, in a land not so far away, the U.S. Securities and Exchange Commission, or SEC for short (and oh, how they love their acronyms!), decided to take a break from their relentless pursuit of cryptocurrency and decentralized finance firms. Under the watchful eye of President Trump, they waved their magic wand and poof! No more investigations for the likes of Coinbase, OpenSea, Robinhood, and now, drumroll please… Uniswap Labs! 🎉
Uniswap Labs, the clever little creators of Ethereum’s most popular decentralized exchange, were no longer in the SEC’s crosshairs. The agency’s Crypto Task Force, which sounds like a superhero team, decided to overhaul the enforcement actions from the previous regime. Talk about a plot twist! 📜✨
Just a while back, Uniswap was accused of all sorts of dastardly deeds: facilitating unregistered securities trading, acting as an unregistered broker-dealer, and even running an illegal clearinghouse! Oh my! According to a 2024 Wells notice (which sounds like a fancy invitation to a legal party) and a lawsuit, they were in quite the pickle. But fear not! Uniswap, with a cheeky grin, denied all allegations. “If forced to litigate, we will win,” declared Marvin Ammori, the chief legal officer, in a statement that could rival a superhero’s catchphrase. 💪
In April, the SEC issued a Wells notice claiming that Uniswap Labs operated as an unregistered broker, operated an exchange, and issued an unregistered security
As of yesterday, that investigation has officially been closed, and the SEC is taking no enforcement action
This is a…
— Uniswap Labs 🦄 (@Uniswap) February 25, 2025
Fast forward to 2025, and Uniswap joins the ranks of other lucky cryptocurrency firms that have been granted a reprieve from the SEC’s scrutiny. The Crypto Task Force, in a fit of generosity, also dropped cases against Coinbase and Robinhood. And guess what? Investigations into the non-fungible token marketplace OpenSea ended with a big fat nothing! 🎈
“They went after us despite having no clear legal basis,” said Hayden Adams, the founder and CEO of Uniswap Labs, on X (formerly known as Twitter, because why not?). He added that the SEC was trying to shove decentralized finance into a regulatory framework that was about as fitting as a hippo in a tutu. 🦛💃
While this decision brought a glimmer of hope for the future of decentralized finance, it also highlighted the need for clearer rules. But oh, the toll it took! Adams lamented,
This investigation took over 3 years, forcing us to waste incredible amounts of time and millions of dollars. It also had a personal impact — federal investigations are violating and stressful to the point where there is a saying among lawyers that “the investigation IS the punishment.” That shouldn’t be the price of innovation in the US.
Hayden Adams, Uniswap Labs founder and CEO
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2025-02-25 22:22