🚨🚨🚨SEC Uniswap is preparing to file a lawsuit
The US Securities and Exchange Commission (#SEC ) is on its way to sue another crypto company. This time, the SEC is targeting the decentralized exchange Uniswap.
The US Securities and Exchange Commission (SEC) is preparing to sue Uniswap Labs, the developer company of the largest decentralized stock exchange #uniswap . Uniswap Labs announced in an official statement that it has received a Wells notice from the SEC.
A Wells notice is an official document issued by the SEC as a result of an investigative process, when the SEC is considering filing a lawsuit against an individual or company.
Emphasis on "political effort”
Uniswap Labs stated that all of its existing products will continue to function normally and they will continue to develop new products. The company described the lawsuit as a “political effort aimed at targeting the top actors developing technology on blockchains.” “If the SEC attacks new and transparent technologies that can create opportunities for Americans, reduce costs, and strengthen consumer freedom, the United States will lag behind innovation that can strengthen consumer freedom," the statement also said.
We are disappointed that we may have to fight with a US government agency to protect innovation and economic freedom.” their statements were included.
The law is clear, the SEC has no authority.”
Uniswap Labs argued that the law is clear, the SEC only legally has jurisdiction over assets in the “investment contract” class. Emphasizing that the court decision in the SEC and Ripple case clearly shows that secondary market transactions in digital assets do not constitute an investment contract, the company said, “Assets traded in the Uniswap protocol are such assets." said.
The statement finally said:
“We are confident that our products are on the right side of the law, and our work is on the right side of history. While our legal team continues this fight, we will continue to do what we do best: Building.”
