The founder of Uniswap, Hayden Adams, recently revealed that Uniswap Labs received a notice that the Securities and Exchange Commission (SEC) will take legal action against the entity. Uniswap Labs is an organization responsible for developing the eponymous decentralized finance (DeFi) protocol.
According to Adams, Uniswap received a notice from Wells on April 10, meaning the organization was formally notified that the SEC will file charges against it.
Today Uniswap Labs received a notice from Wells of SEC. I'm not surprised. Just angry, disappointed and ready to fight. I am confident that the products we offer are legal and that our work is on the right side of history. But it's been clear for some time that, rather than working to create clear, informed rules, the SEC has decided to focus on attacking long-standing good players like Uniswap and Coinbase. At the same time, letting bad actors like FTX through,” he stated.
The regulator's action comes in the face of a broader regulatory crackdown on the DeFi sector, which ends up being seen by some as undisciplined. Given this scenario, the founder of UNI highlighted that he is questioned about staying in the USA. People often ask me why we stay in the US and my answer is simple: I believe the blockchain It's an incredibly powerful technology. Just like the Internet, it is here to stay.”
Hayden Adams also highlighted his frustration with the SEC's stance, but emphasized his view that DeFi is worth the fight. “Yes, I am frustrated that the SEC seems to be more concerned with protecting opaque systems than protecting consumers. And that we will have to fight a US government agency to protect our company and our industry. This fight will take years, could reach the Supreme Court, and the future of financial technology and our industry is at stake. If we stick together we can win. I think freedom is worth fighting for. I think DeFi is worth fighting for. And of course, we won't stop shipping. Stay tuned".
Today @Uniswap Labs received a Wells notice from the SEC.
I'm not surprised. Just annoyed, disappointed, and ready to fight.
I am confident that the products we offer are legal and that our work is on the right side of history. But it's been clear for a while that rather than…
— hayden.eth 🦄 (@haydenzadams) April 10, 2024
