According to a Tuesday announcement from UNISWAP, the U.S. Securities and Exchange Commission (SEC) has halted its investigation of UNISWAP Labs, a Brooklyn-based company behind a decentralized protocol of the same name.
UNISWAP received Wells’ notice – essentially heads up from regulatory authorities notifying respondents of claims the SEC plans to bring against them – last April, unregistered securities Decentralized exchanges of operations as brokers and unregistered securities exchanges, and issuance of unregistered security. In subsequent blog posts and social media posts, the company and its executives defended the legality of UNISWAP’s operations and pledged to combat pending accusations.
The company celebrated its decision to withdraw the SEC’s charges, calling it “a big victory for Defi” in its social media post.
“The new leadership at the SEC is closely watching pending enforcement investigations and litigation not only ourselves but our industry as a whole, and that there is a more effective path to protecting American consumers. We appreciate that we are aware of the UNISWAP lab, as well as the broader range of builders, users and developers working towards a better financial system for all of us. It’s also welcome to the Defi community. Blog post.
Amanda Tuminelli, chief legal officer of the Defi Education Fund, said in a statement to Coindesk that the SEC’s decision to stop investigating UNISWAP Labs “gives Defi Companies an additional comfort from advocacy to the environment.” “We give additional comfort to adopt the rights to build our decentralized technology.”
The SEC’s decision to shut down the UNISWAP Labs investigation is the latest in a wave of similarly dropped investigations on crypto companies, including Robinhood Crypto and the inappropriate token market Opensea. According to Crypto Exchange, the SEC has also agreed to lower the lawsuit against Coinbase and has pending approval from the agency’s commissioner.
Read more: SEC Crypto ready to drop Coinbase lawsuit marking a big moment for us
The SEC is currently overhauling its approach to cryptographic regulation. Gary Gensler, former chairman known for his so-called “regulated” approach to the Crypto industry, resigned in January. His alternative chair, Chair Mark Weda, has launched a new Crypto-Task Force under the leadership of cryptography-friendly commissioner Hester Perth, making dramatic changes at the agency, including the disbandment of the Crypto-Enforcement Force. Ta. We
A representative of the SEC declined to comment.
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