Key Points
- Uniswap Labs has received a Wells Notice from the US SEC, suggesting potential legal action.
- Uniswap’s founder, Hayden Adams, has expressed readiness to fight any charges, maintaining the legality of their offerings.
The US Securities and Exchanges Commission (SEC) appears to be preparing a case against leading DeFi platform, Uniswap.
The suggestion of potential legal action comes as Uniswap Labs received a Wells Notice from the commission.
Uniswap’s Response
The notice was announced by Uniswap’s founder, Hayden Adams.
Uniswap, which was launched in 2018 on the Ethereum blockchain, has since become the largest decentralized exchange in the crypto world.
Despite this success, it has now drawn the attention of the SEC.
Adams took to social media to express his disappointment and readiness to fight any charges.
He insists that Uniswap’s offerings are legal and that their work is “on the right side of history”.
Adams also criticized the SEC for targeting “good actors” like Uniswap and Coinbase, while ignoring “bad actors”.
Impact on Uniswap’s Token
Despite Adams’ defiant stance, the news has had a negative impact on Uniswap’s native token, UNI.
According to CoinMarketCap, UNI was trading at $10.49 at press time, registering a 6.67% drop in the past hour.
The token had a market cap of over $6 billion, with a trade volume of over $226 million.
