{"id":13705,"date":"2024-05-22T12:16:32","date_gmt":"2024-05-22T09:16:32","guid":{"rendered":"https:\/\/forklog.com\/en\/uniswap-labs-urges-sec-to-reconsider-potential-lawsuit\/"},"modified":"2024-05-22T12:16:32","modified_gmt":"2024-05-22T09:16:32","slug":"uniswap-labs-urges-sec-to-reconsider-potential-lawsuit","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/uniswap-labs-urges-sec-to-reconsider-potential-lawsuit\/","title":{"rendered":"Uniswap Labs Urges SEC to Reconsider Potential Lawsuit"},"content":{"rendered":"<p>In response to an April Wells notice from the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>, Uniswap Labs described the agency&#8217;s legal reasoning as weak and expressed readiness for a legal battle.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Read more about our response to the SEC&#8217;s Wells notice here \u2935\ufe0f<a href=\"https:\/\/t.co\/73pTSCkvnp\">https:\/\/t.co\/73pTSCkvnp<\/a><\/p>\n<p>\u2014 Uniswap Labs ? (@Uniswap) <a href=\"https:\/\/twitter.com\/Uniswap\/status\/1793013713911308721?ref_src=twsrc%5Etfw\">May 21, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Wells notice is a type of letter used by the Commission to inform individuals and companies of legal violations discovered during investigations, which may lead to a civil lawsuit. Recipients have the opportunity to provide information and arguments as to why enforcement actions should not be taken against them.<\/p>\n<p>The SEC&#8217;s main allegations include:<\/p>\n<ul class=\"wp-block-list\">\n<li>The Uniswap protocol is an unregistered securities exchange controlled by Uniswap Labs;<\/li>\n<li>The platform&#8217;s interface is an unregistered broker-dealer;<\/li>\n<li>The UNI token is an investment contract.<\/li>\n<\/ul>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;These claims suggest that value represented in a certain digital file format is a security and that the SEC can unilaterally expand the definitions of exchanges, brokers, and contracts to the point of absurdity,&#8221; the company stated.<\/p>\n<\/blockquote>\n<p>As counterarguments, Uniswap Labs noted:<\/p>\n<ul class=\"wp-block-list\">\n<li>The token is a file format similar to a PDF, and hundreds of thousands of users who received UNI for early project support did so for free, without profit expectations solely from the team&#8217;s efforts;<\/li>\n<li>The Uniswap protocol is autonomous general-purpose software that anyone with internet access can integrate and use.<\/li>\n<\/ul>\n<p>Its operation and support do not depend on Uniswap Labs or any other team, the company added.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The SEC&#8217;s aggressive theories represent an attempt to extend its jurisdiction beyond exchanges and communication technologies to all markets beyond securities. Their legal arguments are weak and have been refuted by courts,&#8221; the statement reads.<\/p>\n<\/blockquote>\n<p>Uniswap Labs emphasized its readiness to &#8220;fight,&#8221; noting that its lawyers have experience successfully opposing the regulator. Andrew Ceresney, former head of the SEC&#8217;s enforcement division, helped Ripple win against the agency. Former <span data-descr=\"third-ranking official in the Department of Justice, representing the government in the Supreme Court\" class=\"old_tooltip\">Solicitor General<\/span> of the United States Don Verrilli represented Grayscale in a successful case against the Commission.<\/p>\n<p>Earlier, Uniswap founder Hayden Adams stated that the &#8220;all-out war&#8221; on the industry by the SEC and <a href=\"https:\/\/u1f987.com\/en\/news\/elizabeth-warren-labels-cryptocurrency-a-tool-for-fraudsters\">Senator Elizabeth Warren<\/a> is a significant miscalculation by the Biden administration.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In response to an April Wells notice from the SEC, Uniswap Labs described the agency&#8217;s legal reasoning as weak and expressed readiness for a legal battle. Read more about our response to the SEC&#8217;s Wells notice here \u2935\ufe0fhttps:\/\/t.co\/73pTSCkvnp \u2014 Uniswap Labs ? (@Uniswap) May 21, 2024 The Wells notice is a type of letter used [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[787,128,1391,26],"class_list":["post-13705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dex","tag-sec","tag-uniswap-uni","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"41","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=13705"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/13704"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=13705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=13705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=13705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}