Ethereum

Defi

Uniswap

<p class="is-style-lead">Defi exchange Uniswap has received a warning of an impending enforcement action enacted by the U.S. SEC.</p> 
<p>On April 10, Uniswap disclosed a Wells notice issued by the SEC’s Enforcement Division. The notice is part of a broader crackdown on crypto by the securities watchdog, as chair Gary Gensler insists that most digital assets issued on blockchains fall under existing financial laws.</p> 
<p>Gensler has often referred to crypto as the “Wild West” and has sought to reign in the industry through enforcement action.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/sec-grewal-crypto-criticism/" rel=""> SEC’s Grewal criticizes crypto industry’s ‘noncompliance’ </a> </p> 
<h2 class="wp-block-heading" id="uniswap-founder-reacts">Uniswap founder reacts</h2> 
<p>Uniswap founder and CEO Hayden Adams wrote on <a href="https://x.com/haydenzadams/status/1778126466984575166" target="_blank" rel="">X</a> that he was annoyed and disappointed but ready to fight the SEC and protect his company.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Today <a href="https://twitter.com/Uniswap?ref_src=twsrc%5Etfw" target="_blank" rel="">@Uniswap</a> Labs received a Wells notice from the SEC. <br><br>I’m not surprised. Just annoyed, disappointed, and ready to fight. <br><br>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…</p>— hayden.eth 🦄 (@haydenzadams) <a href="https://twitter.com/haydenzadams/status/1778126466984575166?ref_src=twsrc%5Etfw" target="_blank" rel="">April 10, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>In a <a href="https://blog.uniswap.org/fighting-for-defi" target="_blank" rel="">blog post</a> discussing the SEC’s notice, Uniswap also refuted claims that most cryptocurrencies constitute investment contracts. Like several in the industry, including <a href="https://crypto.news/court-coinbase-wallet-broker/" target="_blank" rel="">Coinbase</a>, the DEX argued that the overwhelming volume of traded tokens is stablecoins, utility tokens, and commodities like Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>).</p> 
<blockquote class="wp-block-quote"> 
 <p>“Despite SEC rhetoric that “most” tokens are securities, the reality is that tokens are a digital file format, like a PDF or spreadsheet, and can store many kinds of value. They are not intrinsically securities, just as every sheet of paper is not a stock certificate. We are confident that the products we offer are not just legal – they are transformative.”</p> <cite>Uniswap’s April 10 blog post</cite>
</blockquote> 
<p>According to DefiLlama, Uniswap is the largest defi exchange and holds over $6.2 billion in total value locked across 16 individual blockchains. CoinGecko data showed that the DEX handles 22.5% of all cryptocurrency trading volume.</p> 
<p>Following the news, the <a href="https://crypto.news/price/uniswap/" rel="">UNI</a> token declined by over 9% and traded for around $10, per CoinMarketCap.</p> 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14264852"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/screenshot__371_-1024x486.png.webp"> 
  <img loading="lazy" decoding="async" width="1024" height="486" src="https://crypto.news/app/uploads/2024/04/screenshot__371_-1024x486.png" alt="SEC serves Wells notice to Uniswap - 16"> 
 </picture> 
 <figcaption class="wp-element-caption">
  Uniswap’s token price | CoinMarketCap
 </figcaption>
</figure> 
<p> Read more: <a href="https://crypto.news/uniswap-trading-volume-record/" rel=""> Uniswap all-time trading volume hits $2t </a> </p>

SEC serves Wells notice to Uniswap

Table of Contents

crypto.news

Other articles published on Apr 10, 2024

Terrorists Are Turning To Crypto To Circumvent Sanctions: Treasury Department

Navigating Ethical Risks in AI Integration

Binance to Delist 6 Large Trading Pairs: Details

Bitcoin Halving Impact: Marathon CEO Says Rally May Be Priced In, But History Suggests Upside

Ava Labs CEO Says Crypto Industry Is “Incredibly Undervalued” Because People Don’t Understand Its...

Bitcoin Bulls Beware: Deutsche Bank Survey Sparks Fears Of Plunge Below $20,000

Join our free newsletter for daily crypto updates!