As an analyst with a background in blockchain technology and securities law, I find Uniswap’s response to the SEC’s Wells notice both bold and strategic. The decentralized exchange giant is taking a firm stand against what it perceives as an overreach by the SEC, accusing the agency of attempting to expand its jurisdiction beyond its mandate.
Uniswap, a prominent decentralized exchange, has submitted its reaction to the SEC’s (U.S. Securities and Exchange Commission) Wells notice.
Uniswap alleges that the Securities and Exchange Commission (SEC) aims to broaden its authority to encompass all digital assets, acting as a global regulator of the internet according to Uniswap CEO Hayden Adams.
“Adams criticized the overly cautious stance of the SEC towards cryptocurrencies, arguing that it has failed to shield consumers and instead inflicted substantial damage on individuals, businesses, and the American economy as a whole. Instead, we should champion advancements in internet technology rather than hindering their progress.”
Uniswap argues that it doesn’t need to register as a broker under current regulations. The SEC’s power over tech-related matters is anticipated to become more limited as a result of their decision to challenge this particular issue in court.
The defendant argues that the transactions in question on the protocol do not constitute securities deals, drawing a parallel between Uniswap and Coinbase Wallet. Back in March, Judge Katherine Failla decided that the latter was not acting as a broker.
Uniswap maintains that they don’t actively encourage users to make trades on their platform through their public statements. Moreover, they clarify that they do not offer investment advice to users interacting with the protocol or interface.
Uniswap doesn’t function as a custodian or get involved with settlement processes, contrary to the SEC’s proposal regarding its smart contracts acting as securities depositories.
In the ongoing legal dispute, Uniswap asserted that the distribution of UNI tokens doesn’t meet the criteria of the Howey test, implying that it should not be classified as a securities offering.
According to Adams’ declaration, Uniswap is prepared to engage in a legal battle with the SEC, following the regulatory body’s lawsuit against the decentralized exchange in April, as mentioned by U.Today.
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2024-05-21 22:52