SEC Sends Enforcement Notice to Popular DEX Uniswap

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."

Adams added, "I think freedom is worth fighting for. I think DeFi is worth fighting for.”

Meanwhile, the protocol’s native token UNI tanked as much as 20% following the announcement of the notice.

Source: BitDelta, UNI/USDT

UNI was trading at $9.4 at press time.

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SEC Sends Enforcement Notice to Popular DEX Uniswap

On 10th April, the U.S. Securities and Exchange Commission (SEC) sent an enforcement notice to the popular decentralised exchange (DEX) Uniswap Labs.

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."

Adams added, "I think freedom is worth fighting for. I think DeFi is worth fighting for.”

Meanwhile, the protocol’s native token UNI tanked as much as 20% following the announcement of the notice.

Source: BitDelta, UNI/USDT

UNI was trading at $9.4 at press time.