UPDATED: Apr 10, 2024 3:05pm EDT
Uniswap UNI
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The Securities and Exchange Commission sent Uniswap Labs, the organization that developed the decentralized finance (DeFi) protocol of the same name, a Wells Notice on Wednesday. A Wells Notice is a formal notification that the SEC intends to file charges against a defendant. The move comes amid a broader regulatory crackdown on DeFi, seen by some as the unruly sector of an industry the SEC chairman once called “the Fi.”Wild West.”
“It has been clear for some time that instead of working to create clear, informed rules, the SEC has decided to focus on attacking old good actors like Uniswap and Coinbase,” Uniswap founder Hayden Adams said on Wednesday in a post on X.
“I’m not surprised,” he added. ‘Just irritated, disappointed and ready to fight [the charges].”
Uniswap is the largest decentralized exchange (DEX) by daily trading volumes, handling 22.5% of trading volume, according to CoinGecko’s facts. The regulators are focusing on the measures about a year after competitor SushiSwap was summoned.
About the author
Elizabeth Napolitano is a data reporter who reports business and technology news, with a focus on cryptocurrencies. Before joining The Block, Elizabeth reported on BigTech, AI, crypto and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs and US courts. She has an MA in Journalism from CUNY. Follow her on X: @LizKNapolitano
