Uniswap the leading Decentralized Exchange announced on Wednesday that Uniswap Lab has received a Wells notice from SEC, requesting compliance with law enforcement.
Hayden Adams, the CEO of Uniswap on his X handle stated: "I'm not surprised. I just feel uncomfortable and disappointed, but we're ready to face the challenge. I believe that the products we provide are legal and we are doing the right thing historically.
Today @Uniswap Labs received a Wells notice from the SEC.
— hayden.eth 🦄 (@haydenzadams) April 10, 2024
I’m not surprised. Just annoyed, disappointed, and ready to fight.
I am confident that the products we offer are legal and that our work is on the right side of history. But it’s been clear for a while that rather than…
"This is the latest political effort to target even the best actors in crypto like Uniswap and Coin base.
We are confident that the products we offer are not just legal, they are transformative, empowering people across the world by enabling transparent, verifiable markets with fewer gatekeepers, enabling cheap, accessible economic participation.
Despite SEC rhetoric that "most" tokens are securities, the reality is that tokens are just a digital file format. The vast majority of tokens traded on Uniswap are definitively not securities. Just like most paper money is not stock certificate, they are stablecoins, community tokens, and commodities (like Bitcoin, Ethereum and Unisocks).
Token traded on secondary market like Uniswap are not investment contracts and the Uniswap Protocol itself is a Decentralized, autonomous set of smart contracts that run without any organization, individual, or entity behind them. Not a security exchange.
All Uniswap products and the Uniswap protocol are not infected.
We are confident that our products are on the right side of the law and that our work is on the right side of history.
While our legal team takes on this fight we'll continue to do what we do best: build". Says Uniswap Lab.
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