Crypto News – Following the US Securities and Exchange Commission’s (SEC) Wells notice against the platform, Uniswap, a prominent decentralized exchange, is receiving support from the cryptocurrency community. The notification heightens regulatory tensions in the quickly expanding DeFi industry by hinting at a possible enforcement action.
Regulatory Clarity Demanded as Tensions Between Uniswap and SEC Gain New Dimension
Well-known individuals have openly supported Uniswap, including Coinbase CEO Brian Armstrong and Haun Ventures CEO Kathryn Haun. They voiced disapproval of the SEC’s methodology.
Armstrong highlights the significance of maintaining unity in the cryptocurrency industry ahead of the November election. In the meantime, Haun highlighted Uniswap’s careful compliance with securities rules. Instead of using explicit regulations, she refers to the SEC’s operations as “regulation by enforcement.”
UNI Token Drops 15% After the Notice
The founder of Uniswap, Hayden Adams, made public his receipt of the SEC‘s Wells notice on April 10, 2024. He did, however, reaffirm his determination to uphold the legitimacy of his platform. He further charged that the SEC was unfairly singled out for criticism of well-established DeFi schemes while ostensibly overlooking dishonest people. The native token of Uniswap, UNI, fell precipitously after the SEC’s decision, from $11.20 to $9.10, or roughly 15% less on the last day.
I am confident that the products we offer are legal. People often ask me why we stay in the US and my answer is simple: I believe that blockchain is incredibly powerful technology … And that when you build technology that improves people’s lives – you don’t need to hide,
Adams
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