One of the biggest decentralized exchange (DEX) platforms says it is “fighting for DeFi” after receiving a Wells Notice from the U.S. Securities and Exchange Commission (SEC).
In a new blog post, Uniswap Labs says it has recently received a Wells Notice from the SEC, meaning that the regulator is planning on taking enforcement actions against the DEX soon.
However, the firm says the SEC’s actions appear political in nature, that it won’t be pulling any of its products off the market due to the notice, and that the decentralized finance (DeFi) sector is worth fighting for.
“Taking into account the SEC’s ongoing lawsuits against Coinbase and others as well as their complete unwillingness to provide clarity or a path to registration to those operating lawfully within the US, we can only conclude that this is the latest political effort to target even the best actors building technology on blockchains…
We do this work because we believe blockchains can offer consumers more choice and control over what they own, in the United States and around the world. We think that this is worth fighting for.”
Uniswap Labs goes on to say that they are in compliance with the law as its native token is not a securities offering. Citing Coinbase and Ripple Labs’ recent court battles against the SEC, Uniswap says the regulatory agency is showing a pattern of “arbitrary enforcement.”
In an accompanying thread on the social media platform X, Uniswap Labs says it appears that the SEC is targeting the “best” actors in the crypto industry.
“Today Uniswap Labs received a Wells notice from the SEC. And we’re ready to fight. This is the latest political effort to target even the best actors in crypto like Uniswap and Coinbase…
We are confident that our products are on the right side of the law.”
UNI is trading for $9.11 at time of writing, a 17.7% drop during the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/ArtLight Production/Muhammed AKAN