Author: William M. Peaster, Bankless; Translator: Tao Zhu, Golden Finance
Today, the U.S. Securities and Exchange Commission (SEC) issued a Wells Notice to Uniswap Labs, indicating that the federal regulator plans to sue the pioneer behind DeFi's most popular decentralized exchange.
Uniswap vs. SEC: Important Focus
Uniswap insists that its DeFi resource suite "does not meet the legal definition of a securities exchange or broker-dealer."
“This fight will last for years, and will likely go all the way to the Supreme Court, with the future of fintech and our industry hanging in the balance,” said Hayden Adams, Uniswap inventor. “If we come together, we can win.”
Bottom line: Uniswap is not backing down, and its product will remain available while the litigation plays out. The team also plans to continue deploying new tools despite the SEC’s tough stance.
Bankless says:
Gary Gensler’s SEC treats all tokens like securities, regardless of how that position has been repeatedly overturned in U.S. courts.This Wells Notice is the latest sign of the current Commission’s all-out assault on DeFi projects in bad faith.
However, if anyone is ready for this battle, it’s the Uniswap team, who have a legion of supporters behind them throughout. Then watch out, because arguably the biggest legal battle in cryptocurrency history is about to begin!