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Uniswap's founder calls for DeFi community unity amid SEC legal threat.
The US Securities and Exchange Commission (SEC) sent a Wells notice to Uniswap Labs, threatening enforcement action against the company behind the leading decentralized exchange (DEX), Fortune reported on Wednesday. Uniswap confirmed the report, stressing that it would fight the agency.
Today Uniswap Labs received a Wells notice from the SEC
And we're ready to fight
This is the latest political effort to target even the best actors in crypto like Uniswap and Coinbase
All Uniswap products and the Uniswap Protocol are unaffectedhttps://t.co/i2p5LubELk
— Uniswap Labs 🦄 (@Uniswap) April 10, 2024
Under the SEC investigation process, Uniswap, as a potential defendant, has a fair chance to present its case and respond within 30 days. However, in most cases, if the SEC issues a Wells notice, it will likely take legal action against the recipient.
Responding to the SEC’s move, Uniswap’s founder Hayden Adam said he was not surprised, only “annoyed, disappointed,” but is “ready to fight” as he believes Uniswap’s products are legal and beneficial.
“I am confident that the products we offer are legal and that our work is on the right side of history,” stated Adam.
He accused the SEC of focusing on good actors like Uniswap while ignoring bad actors, arguing that Uniswap better protects investors and facilitates fair markets than the SEC does currently.
“This fight will take years, may go all the way to the Supreme Court, and the future of financial technology and our industry hangs in the balance. If we stand together we can win,” Adam strongly defended.
Adam urged the community to unite and fight for the future of DeFi, which he believes is “worth fighting for.” Uniswap’s founder added that all users participating in the vote will be eligible for future on-chain DAO rewards.
In Conclusion: Uniswap invites all previous and current Users to partake in a class action vote against the SEC.
All users who participate in the vote will be eligible for future on-chain DAO rewards.
Vote Now ⤵️https://t.co/P0qILTEBRe
— hayden.eth 🦄 (@fujimokunetshop) April 10, 2024
Following the announcement, Uniswap’s UNI token price plummeted nearly 11% and shows no signs of immediate recovery, according to CoinGecko data.
The SEC’s latest action follows its request for information from Uniswap’s competitor, SushiSwap, last year and coincides with the SEC’s increased focus on regulating DeFi, an area that SEC Chair Gary Gensler has likened to the ‘Wild West.’
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