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Uniswap Fights Back: Responds to SEC’s Wells Notice, Calls Case “Weak and Wrong”
The post Uniswap Fights Back: Responds to SEC’s Wells Notice, Calls Case “Weak and Wrong” appeared on BitcoinEthereumNews.com. Uniswap Labs, the developer behind the popular decentralized exchange (DEX) Uniswap, has fired back at the Securities and Exchange Commission (SEC) in response to a Wells notice issued against the company last month. The notice, which typically precedes formal charges, alleges that the Uniswap DEX functions as an unregistered securities exchange and broker-dealer, with the platform’s native UNI token representing an investment contract. TLDR Uniswap Labs has responded to the SEC’s Wells notice, arguing that the regulator’s case against them is weak and misguided. The SEC alleges that the Uniswap DEX acts as an unregistered securities exchange and broker-dealer, with UNI tokens representing an investment contract. Uniswap Labs contends that the SEC is attempting to stretch its jurisdiction beyond its authority and that the majority of trading on the platform involves commodities like ETH, WBTC, and stablecoins. The company believes that Congressional intervention is needed to regulate the crypto industry and that the SEC should embrace open-source technology instead of trying to litigate it out of existence. Despite the Wells notice, trading volume on Uniswap remained strong, with nearly $3 trillion in volume in the days following the notice. In a comprehensive 43-page submission published on Tuesday, Uniswap Labs laid out its case for why the SEC should not pursue legal action against them. The company argues that the regulator’s “aggressive theories” are an attempt to extend its reach beyond its jurisdiction and that the majority of trading on the platform involves commodities such as Ethereum (ETH), Wrapped Bitcoin (WBTC), and stablecoins, which account for approximately 65% of the total trading volume. Uniswap Labs’ Chief Legal Officer, Martin Ammori, took to social media to further explain the company’s stance, stating that the SEC’s arguments are “weak and wrong” and rest on the false assumption that nearly all tokens are securities.…
The post Uniswap Fights Back: Responds to SEC’s Wells Notice, Calls Case “Weak and Wrong” appeared on BitcoinEthereumNews.com.
Uniswap Labs, the developer behind the popular decentralized exchange (DEX) Uniswap, has fired back at the Securities and Exchange Commission (SEC) in response to a Wells notice issued against the company last month. The notice, which typically precedes formal charges, alleges that the Uniswap DEX functions as an unregistered securities exchange and broker-dealer, with the platform’s native UNI token representing an investment contract. TLDR Uniswap Labs has responded to the SEC’s Wells notice, arguing that the regulator’s case against them is weak and misguided. The SEC alleges that the Uniswap DEX acts as an unregistered securities exchange and broker-dealer, with UNI tokens representing an investment contract. Uniswap Labs contends that the SEC is attempting to stretch its jurisdiction beyond its authority and that the majority of trading on the platform involves commodities like ETH, WBTC, and stablecoins. The company believes that Congressional intervention is needed to regulate the crypto industry and that the SEC should embrace open-source technology instead of trying to litigate it out of existence. Despite the Wells notice, trading volume on Uniswap remained strong, with nearly $3 trillion in volume in the days following the notice. In a comprehensive 43-page submission published on Tuesday, Uniswap Labs laid out its case for why the SEC should not pursue legal action against them. The company argues that the regulator’s “aggressive theories” are an attempt to extend its reach beyond its jurisdiction and that the majority of trading on the platform involves commodities such as Ethereum (ETH), Wrapped Bitcoin (WBTC), and stablecoins, which account for approximately 65% of the total trading volume. Uniswap Labs’ Chief Legal Officer, Martin Ammori, took to social media to further explain the company’s stance, stating that the SEC’s arguments are “weak and wrong” and rest on the false assumption that nearly all tokens are securities.…
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