One of the largest decentralized exchange platforms (DEX) says it is “fighting for DeFi” after receiving a Wells Notice from the US Securities and Exchange Commission (SEC).
In a new blog post, Uniswap (UNI) says it recently received a Wells Notice from the SEC, meaning the regulator plans to take enforcement action against the DEX soon.
However, UNI says that the SEC’s actions appear political in nature, that it will not withdraw any of its products from the market because of 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 for those operating legally within the US, we can only conclude that this is the latest political attempt to target even the best. actors building technology on blockchains…
We do this work because we believe blockchains can give consumers more choice and control over what they own, in the United States and around the world. We believe this is worth fighting for.”
Uniswap further says that they are compliant with the law as the original token is not a securities offering. Citing Coinbase and Ripple Labs’ recent lawsuits against the SEC, Uniswap says the regulator is showing a pattern of “arbitrary enforcement.”
In a companion thread on the social media platform X, Uniswap say it appears that the SEC is targeting the “best” actors in the crypto industry.
“Today, Uniswap Labs received a notice from Wells from the SEC. And we are ready to fight. This is the latest political attempt to target even the best actors in crypto like Uniswap and Coinbase…
We are convinced that our products are on the right side of the law.”
UNI is trading at $9.11 at the time of writing, down 17.7% over the past 24 hours.
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Featured image: Shutterstock/ArtLight Production/Muhammed AKAN
