SEC closes its investigation against Uniswap for trading in unregistered securities
The exchange received a notice of preparation to file a lawsuit last April
26.02.2025 - 07:55
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What’s new? The US Securities and Exchange Commission (SEC) has closed its investigation into leading decentralized crypto exchange (DEX) Uniswap. The exchange’s team said the regulator does not intend to take any enforcement action and officially closed the investigation on February 24.
What else is known?
“This is a huge win for DeFi and reaffirms what we’ve always known – that the technology we build is on the right side of the law, and our work is on the right side of history,” Uniswap concluded.
Last April, the SEC sent Uniswap a Wells-formatted notice saying it was prepared to take Uniswap to court over the violations it found.
The regulator’s claims were that Uniswap operated without registering as a broker or exchange and offered unregistered securities in the form of tokens.
At the time, Uniswap founder Hayden Adams accused the SEC of attacking bona fide market players and unwillingness to draft clear rules for the industry. He assured that the team will continue to work in the New York office because it has nothing to fear and will defend itself in court, even if it takes several years.
Last July, Uniswap urged the SEC to abandon its initiative to regulate DeFi platforms as exchanges. Uniswap, like other DeFi platforms, does not have a centralized authority playing the role of counterparty between buyers and sellers.
Decentralized exchanges rely on automated protocols driven solely by code that sets trading rules, collateral requirements, and other parameters.
The Uniswap team’s role is limited to writing the protocol code and providing an interface for users to trade cryptocurrencies.
After Donald Trump took office as US president on January 20, Gary Gensler was replaced as SEC chairman by cryptocurrency-friendly Mark Uyeda.
Already, the SEC’s cryptocurrency working group has begun to create a friendly regulation designed to protect investors while supporting innovation.
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