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News - SEC warns Uniswap of lawsuit - UNI collapses
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11-04-20242 min read
SEC warns Uniswap of lawsuit - UNI collapses
Uniswap (UNI)
Laws and regulations
Yesterday, April 10, the U.S. Securities and Exchange Commission (SEC) sent a so-called Wells Notice to the decentralized exchange Uniswap. The notice is usually one of the last steps before the regulator formally files charges.
Uniswap CLO Marvin Ammori is disappointed and writes: "It's another abuse of power - which is no surprise at this SEC." UNI founder Hayden Adams is "ready to fight."
Today @Uniswap Labs received a Wells notice from the SEC.
— hayden.eth 🦄 (@haydenzadams) April 10, 2024
I’m not surprised. Just annoyed, disappointed, and ready to fight.
I am confident that the products we offer are legal and that our work is on the right side of history. But it’s been clear for a while that rather than…
According to inside information from the Wall Street Journal, the U.S. authority has been investigating Uniswap Labs, the main developer of the decentralized crypto exchange, since 2021.
It is unclear what allegations the SEC intends to bring against Uniswap in the potential lawsuit. In response to a question from Fortune Crypto, a spokesperson said, "The SEC does not comment on whether or not there is a potential investigation."
One possible attack vector could be the recently introduced "dividend" model on Uniswap, where users presumably make money from transaction fees. Such dividend payments usually occur with stocks and are subject to SEC oversight abroad.
The platform's own token (UNI) has fallen nearly 16 percent over the past 24 hours and is trading at USD 9.24 at the time of writing.
