SEC Files Lawsuit Against Uniswap

Joshua Ramos

The US Securities and Exchange Commission (SEC) has officially filed a lawsuit against the decentralized cryptocurrency exchange Uniswap. Indeed, the agency issued a Wells Notice to the company on Wednesday to notify the business of the impending legal action planned against it.

In a response to the notice, Uniswap founder Hayden Adams said he was “not surprised, just disappointed” in a post to X (formerly Twitter). Moreover, Adams said that he was “ready to fight” while expressing his confidence in the legality of the DeFi platform, which has long been on the SEC’s radar.

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SEC Issues Wells Notice to Uniswap

The SEC has filed a lawsuit against DeFi exchange Uniswap after issuing the company a Wells Notice on Wednesday.

The digital asset market has continued its rather contentious relationship with the SEC into 2024. Although the agency did approve Spot Bitcoin ETFs into the new year, it did not do so willingly. Moreover, it has sought legal action to continue to assert regulatory clarity through enforcement.

Now, the SEC has filed a lawsuit against the decentralized cryptocurrency exchange Uniswap. Specifically, the company’s founder had verified the legal action through a post confirming their reception of a Wells Notice. The process is typically issued to provide a chance for companies that seek to rebut accusations. However, this occurrence is likely a formality.

Adams took to X to share his perspective while addressing the consistent actions taken by the SEC. Specifically, he noted that the agency has little interest in “working to create clear, informed rules” and instead goes after exchange platforms that operate in good faith, like Uniswap or Coinbase, “all while letting bad actors like FTX slip by.”

Also Read: Ripple: Will the SEC’s $2 Billion Demand Trigger a Mass Exodus for XRP?

Uniswap is the latest in a plethora of high-profile lawsuits from the SEC to cryptocurrency platforms. Indeed, the DeFi exchange joins Ripple Labs and Coinbase as some of the larger cases that are currently ongoing.

Conversely, Adams stated that the case would “take years” and could be tried at the Supreme Court level. However, he also assured that “freedom is worth fighting for. I think DeFi is worth fighting for.”