The US Securities and Exchange Commission (SEC) has stepped up its regulatory crackdown on the cryptocurrency space by officially filing a lawsuit against decentralized exchange Uniswap. This legal action comes after the SEC sent a notice to Uniswap on Wednesday, indicating its intention to take legal action against the DeFi platform.
This news caused panic among some investors, causing Uniswap’s token price to drop by more than 15% overnight.
Uniswap founder Hayden Adams responded to the message with a mix of disappointment and determination. He stated on X (Twitter) that he was “not surprised, just disappointed” and that the platform was prepared to defend itself in court. Adams expressed confidence in Uniswap’s compliance, even though the SEC has been scrutinizing the DeFi sector for some time.
The SEC’s decision to sue Uniswap marks a new chapter in the ongoing regulatory saga between the SEC and the crypto industry. The SEC’s actions reflect its broader strategy to achieve regulatory clarity through enforcement, even as it reluctantly approved Spot Bitcoin ETFs earlier this year.
Adams criticized the SEC’s approach, accusing it of failing to establish clear and informed rules while targeting legitimate platforms such as Uniswap and Coinbase. He lamented the agency’s perceived permissiveness toward “bad actors” in the space, such as FTX, as it scrutinizes compliant exchanges.
Uniswap’s legal battle with the SEC underlines the challenges crypto platforms face. As the case unfolds, stakeholders in the crypto community await further developments and implications for DeFi innovation and regulatory oversight.
Source: https://bitcoinmagazine.nl/nieuws/sec-dient-officieel-een-rechtszaak-in-tegen-uniswap-labs
