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Home»TRADING NEWS»Uniswap has received a lawsuit warning from the SEC.
TRADING NEWS

Uniswap has received a lawsuit warning from the SEC.

By Crypto FlexsApril 11, 20242 Mins Read
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Uniswap has received a lawsuit warning from the SEC.
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In a significant development, Uniswap, one of the world’s leading DeFi protocols, has received an enforcement notice from the U.S. Securities and Exchange Commission (SEC).

SEC Enforcement Notice

The SEC has signaled its intention to take enforcement action against Uniswap, citing concerns that the DEX may be operating as an unregistered stock broker and exchange. Known as a “Wells Notice,” this notice serves as a preliminary warning that regulators are considering filing charges against the defendant. The implications of such notices are profound and often lead to formal enforcement actions.

Uniswap’s answer

Uniswap CEO Hayden Adams expressed a mix of irritation and disappointment in his response, but showed he was prepared to contest the SEC’s charges.

“Yes, it is disappointing that the SEC seems more interested in protecting an opaque system than protecting consumers. And it is disappointing that we have to fight a U.S. government agency to protect our companies and industries. The fight will take years. If we get to the Supreme Court, the future of financial technology and our industry is at stake. If we stick together, we can win. I think freedom is worth fighting for. I think DeFi is worth fighting for. “

Marvin Ammori, Uniswap’s chief legal officer, pointed to a recent court ruling in favor of Coinbase in a separate SEC case that could potentially set a positive precedent for Uniswap. However, the specifics of the charges the SEC plans to bring against Uniswap are unclear, and the company’s legal team is preparing to challenge the enforcement action in court.

UNI tank

UNI fell 9.5% shortly after the news broke, falling to under $10 at the time of writing.

Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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