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. The price of Uniswap’s UNI token has since dropped dramatically, falling 15% in the last 24 hours.
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. However, the fall of UNI is a letdown for holders, who will hope for a quick rebound while Uniswap fights the lawsuit.
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In just one hour following the news of the lawsuit, UNI dropped 10% from $11.21 to $10. At press time, Uniswap UNI is trading at $9.41. The past month has already been a struggle for the currency, with prices failing to halt a 32% tank in the last 30 days.
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.