1min read
Published on: Apr 11, 2024
#Crypto 360
#Daily Brew
On 10th April, the U.S. Securities and Exchange Commission (SEC) sent an enforcement notice to the popular decentralised exchange (DEX) Uniswap Labs.
Uniswap is a decentralised finance (DeFi) protocol that allows automated token exchanges on the Ethereum blockchain. In short, it lets you exchange multiple cryptocurrencies without any requirement for other mediums like centralised exchanges.
Uniswap's Chief Legal Officer Marvin Ammori shared the news on X, calling the notice "another abuse of power" by the SEC.
Source: X/Marvin Ammori
The notice claims that Uniswap is operating as an unregistered securities broker and exchange.
The notice is the SEC's warning to a company that the securities regulator is considering recommending enforcement action against them.
The company has the opportunity of offering an explanation in writing as to why such action should not be taken.
“I am confident that the products we offer are legal and that our work is on the right side of history,” Uniswap CEO Hayden Adams attacked the SEC. “I'm frustrated that the SEC seems to be more concerned with protecting opaque systems than protecting consumers. And that we'll have to fight a US government agency to protect our company and our industry."
This article is for informational purposes only and not intended as investment or financial advice. It contains opinions and speculations that are subject to change without notice.
The author and publisher disclaim any liability for decisions made based on the content of this article. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions.
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