SEC Targets Uniswap with Enforcement Notice
Key Takeaways
- Uniswap has received a Notice of Possibility of Enforcement due to the SEC’s Wells Notice. Marvin Ammori, Chief Legal Officer, shared with
- Ammori criticized the SEC’s “abuse of power,” noting that most tokens are not securities and challenges the commission’s jurisdiction.
- Uniswap argues that the SEC’s stance threatens innovation in the United States and risks falling behind innovations that increase consumer freedom and choice.
Uniswap, a representative decentralized exchange (DEX) Targeted by the U.S. Securities and Exchange Commission (SEC) I received the Wells notice on April 10th.
announcement, as revealed Written by Uniswap Chief Legal Officer Marvin Ammori on X; Indicates potential enforcement action against the platform.
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Ammori was disappointed but not surprised by the notice. he sees it as something else SEC’s ‘abuse of power’ It reflects past instances where the commission has been accused of abusing its power in regulating cryptocurrency projects.
He also claimed: The SEC has jurisdiction only over securities. Most tokens, such as Bitcoin (BTC) or Ethereum (ETH), are not securities. Ammori also said: Uniswap’s operations do not fit the legal definition of a stock exchange or broker-dealer. adding:
If the SEC has jurisdiction over our self-managed non-brokered products, we can advise you on how to register them. It can’t be, and it shouldn’t be. As several SEC members noted in several dissenting comments, it did not provide clarity and guidance.
Uniswap also believes that if the SEC continues to attack innovative, transparent technologies that could provide more opportunities and lower costs for Americans. America risks being left behind by innovations that improve customer freedom and choice.
The SEC’s action against Uniswap mirrors previous lawsuits against other cryptocurrency exchanges such as Coinbase, highlighting the regulator’s intention to establish oversight of DeFi.
These cases establish important precedents and implications for decentralized platforms operating within the U.S. regulatory framework.
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