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Uniswap Served Lawsuit Warning By SEC

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By Aggregated - see source on April 10, 2024 Crypto News
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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’s Enforcement Notice

The SEC informed Uniswap of its intent to pursue enforcement action, citing concerns that the DEX may be operating as an unregistered securities broker and exchange. This notice, known as a “Wells notice,” serves as a preliminary warning that the regulator is considering bringing charges against the respondent. The implications of such a notice are profound, often leading to formal enforcement actions.

Uniswap’s Response

Uniswap’s CEO, Hayden Adams, expressed a mixture of annoyance and disappointment in his response, but also showed a readiness to contest the SEC’s charges.

“Yes, I’m frustrated that the SEC seems to be more concerned with protecting opaque systems than protecting consumers. And that we’ll have to fight a US government agency to protect our company and our industry. 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. I think freedom is worth fighting for. I think DeFi is worth fighting for.”

Uniswap’s Chief Legal Officer, Marvin Ammori, has pointed to a recent court ruling in favor of Coinbase in a separate SEC case as a potentially positive precedent for Uniswap. However, the specifics of the charges the SEC intends to bring against Uniswap remain unclear, with the company’s legal team preparing to challenge any enforcement action in court.

UNI Tanks

UNI, experienced a 9.5% drop shortly after the news broke., dropping below $10 as of writing.

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

Investment Disclaimer

Credit: Source link

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