Uniswap Receives Wells Notice from SEC, Vows to Fight Charges of Acting as Unregistered Securities Exchange
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Decentralized crypto exchange Uniswap received a Wells notice from the SEC indicating potential enforcement action against the company.
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The SEC alleges Uniswap acted as an unregistered securities broker and exchange. Uniswap denies the tokens it offers are securities.
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Uniswap CEO Hayden Adams said the company will fight the charges, believing Uniswap's work is "on the right side of history."
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The notice comes amid SEC crackdowns against crypto companies like Coinbase, though Uniswap argues the SEC lacks authority from Congress to regulate crypto.
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Uniswap's native token UNI dropped 9.5% on the news. The fight with the SEC could take years and shape the future of decentralized finance.