On May 21, Uniswap Labs formally responded to the Wells notice issued by the U.S. Securities and Exchange Commission (SEC) in April, arguing that the potential enforcement action against it lacks merit. Uniswap, a prominent decentralized trading platform on Ethereum, contends that crypto tokens are not securities and that its protocol facilitates secure, intermediary-free trading. The company criticized the SEC's approach, urging the agency to support open-source technologies that enhance financial systems rather than litigate them out of existence. Uniswap's response, which included statements from founder Hayden Adams, also highlighted the absence of a solid legal theory from the SEC, questioning whether the platform can be held liable for securities traded on its site and whether building an interface constitutes brokerage activities. The SEC's notice had classified liquidity provider (LP) contracts as securities and labeled Uniswap as an unregistered exchange and its wallet/site as a broker. Uniswap also stated that the SEC is "not the world internet police."
Uniswap Labs responds to Wells notice, calls SEC's legal case 'weak and wrong' https://t.co/QwM9bl7WSH
Uniswap Labs, the creator of the largest decentralized trading platform on Ethereum, said a potential enforcement action against it by the US SEC has no merit because crypto tokens are not securities. https://t.co/YTG9dX2QwF
#SEC Here we go! #Uniswap Labs Urges SEC to Drop Pending Enforcement Action in Wells Response
UNISWAP LABS RESPONDS TO SEC WELLS NOTICE WITH STRONG DEFENSE - @Uniswap Labs criticized the SEC's approach, urging the agency to support open source tech that modernizes outdated financial systems instead of trying to litigate it out of existence. - The SEC is accused of… https://t.co/obyeYo8zIz https://t.co/rwJe7boD4A
JUST IN: @UNISWAP RESPONDS TO SEC WELLS NOTICE STATING SEC IS "NOT THE WORLD INTERNET POLICE"
Uniswap rolling up its sleeve for a fight Wells Notice reponse points to lack of a legal theory by SEC. Most interesting issues for me: - Can Uniswap be liable for securities traded on site? - Can building an interface (vs a wallet) make you a broker? https://t.co/1mw8Bbx00g https://t.co/TgyMSvNVZl
Today we responded to the SEC’s Wells notice, explaining why the technology we build is good, why it’s safe, and why it’s legal. When regulators try to litigate new technologies out of existence, only well-resourced companies like @Uniswap Labs can fight back. For the US to keep… https://t.co/qUylMxkPBp
SEC News: @Uniswap Wells Notice update The regulator is stepping into defi to try call LPs security investments between a human and a computer. Uniswap Labs moved Tuesday to quash a looming regulatory battle over Ethereum's dominant decentralized crypto exchange, imploring the…
Today @Uniswap responded to the SEC's Wells notice We believe the SEC should embrace open source technology that makes markets cheaper, faster, and more safe Tokens are a file format, like a pdf. And the Uniswap Protocol is a general purpose internet protocol that anyone can… https://t.co/uPpPBhfBRF
Coindesk found out what was in the Uniswap Wells notice. SEC saying LP contracts are securities, Uni an unregistered exchange and the wallet/site a broker. https://t.co/aNTPHhqSUG
Today, @Uniswap has submitted our response to the SEC Wells notice we received in April. The Uniswap protocol represents an innovation in commerce that solves long-standing problems– with near-instant, intermediary-free, secure trading of any assets. It is the first widely used…
1/ Blockchain Association stands firmly with @Uniswap, which today responded to the Wells notice it received from the SEC: https://t.co/ZCVLlNgvdi
JUST IN: Uniswap is arguing the U.S. Securities and Exchange Commission doesn't have a case in a response to the agency's Wells Notice shared last month. @cheyenneligon @realDannyNelson report https://t.co/mMt2OqwLlg
Uniswap Labs and other DeFi projects continue to struggle in their efforts to recover, following their receipt of a Wells notice from the SEC over a month ago. $UNI