Uniswap responds to SEC: "We are ready to fight"

If it is up to Uniswap, the SEC is misusing taxpayers' money. The US Securities and Exchange Commission should forego legal action because it would lose anyway.

On May 21, Uniswap called the American Securities and Exchange Commission (SEC) to end the impending legal dispute between the two parties. Uniswap published this in a blog post.

The crypto company received a so-called Wells Notice from the SEC in April - usually the last step before a lawsuit.

The accusation: Uniswap is an unregistered stock exchange.

The decentralized exchange disagrees. The Uniswap protocol does not meet the definition of a securities exchange and is therefore not subject to SEC oversight.

In addition, the company is enlisting the support of U.S. lawmakers for the Financial Innovation and Technology for the 21st Century Act (FIT21).. This would nullify the SEC's lawsuit.

"The SEC should not use its taxpayer-funded resources to bring a case against us," the company said, "but we are prepared to fight," Uniswap said.

It remains to be seen whether the SEC will forgo a lawsuit as a result. The authority led by Gary Gensler after all, is already taking action against numerous crypto companies. These include Binance, Coinbase, Kraken and Consensys.