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SEC Targets Uniswap with Enforcement Notice

Key Takeaways

  • Uniswap was hit by the SEC with a Wells notice, signaling possible enforcement, as Chief Legal Officer Marvin Ammori shared on X;
  • Ammori criticizes the SEC's "abuse of power," noting most tokens aren't securities, challenging the commission's jurisdiction;
  • Uniswap argues that the SEC's stance threatens US innovation, risking falling behind on innovation that boosts consumer freedom and choice.
SEC Targets Uniswap with Enforcement Notice

Uniswap, a leading decentralized exchange (DEX), has been targeted by the United States Securities and Exchange Commission (SEC), having received a Wells notice on April 10.

The notice, as disclosed by Uniswap's Chief Legal Officer Marvin Ammori on X, signals potential enforcement action against the platform.

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Ammori, while disappointed, wasn't surprised by the notice. He sees it as another "abuse of power" by the SEC, reflecting on past cases where the commission has been accused of overstepping its authority in crypto project regulation.

He also argued that the SEC only has jurisdiction over securities, and most tokens, like Bitcoin (BTC) or Ether (ETH), are not securities. Ammori also stated that Uniswap's operations do not fit the legal definitions of a securities exchange or broker, adding:

If the SEC had authority over our self-custodial, non-intermediated products, it could tell us how to register them. It can't, and so it doesn't. It has provided no clarity and no guidance – as several SEC commissioners have stated in multiple dissents.

Uniswap also reflected that if the SEC continues to attack innovative, transparent technologies that could provide Americans with more opportunities and lower costs, the US risks falling behind on innovations that enhance customer freedom and choice.

The SEC's actions against Uniswap echo its previous lawsuits against other crypto exchanges like Coinbase, highlighting the regulator's intent to establish oversight in DeFi.

Such cases establish important precedents and implications for decentralized platforms operating within the US regulatory framework.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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