According to reports, the Securities and Exchanges Commission (SEC) in the United States is reportedly taking action against one of the leading Decentralized Finance (DeFi) platforms, Uniswap. The possibility of legal proceedings against the crypto-centric protocol surfaced after the SEC delivered a Wells Notice to Uniswap Labs. This notice was made public today by Hayden Adams, the founder of Uniswap.
Uniswap becomes SEC’s new favourite crypto player
Uniswap, which started on Ethereum‘s blockchain in 2018 and is currently the largest decentralized cryptocurrency exchange as per CoinMarketCap with over $1 billion in trading volume, has recently attracted the scrutiny of a well-known figure in the crypto industry: the US Securities and Exchange Commission (SEC).
In a recent post on X (previously known as Twitter), Adams shared his reaction to the notice, stating it was expected yet leaving him feeling frustrated, dismayed, and prepared for a battle. Additionally, he emphasized that the items available on Uniswap are lawful and their actions align with historical progress.
Adams additionally mentioned that the commission has consistently recognized “trustworthy players in the industry such as Uniswap and Coinbase.” Nevertheless, it overlooked “dishonest actors like FTX,” a bankrupt crypto-exchange since November 2022, causing significant financial losses for countless investors.
“We face a lengthy battle against a US government agency to safeguard our company and industry in the realm of financial technology. This legal struggle could reach the Supreme Court, with the outcome significantly impacting our sector’s future. By sticking together, we can emerge victorious. I firmly believe that freedom is worth defending. I am equally passionate about DeFi. Rest assured, we will continue to deliver new projects as planned. Keep an eye on our updates.”
The founder of the exchange maintains a solid position, but unfortunately, the same cannot be said for UNI, the native token of the DeFi protocol. As reported by CoinMarketCap, UNI was currently valued at $10.49 per coin and experienced a 6.67% decrease in price within the past hour. The token’s market capitalization surpassed $6 billion, while its trading volume exceeded $226 million.
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2024-04-10 21:59