The U.S. Securities and Exchange Commission (SEC) is accused of contradicting its own policy guidelines in its recent action against decentralized crypto exchange Uniswap, according to Adam Cochran of Cinneamhain Ventures. He cites several previous SEC decisions that define an exchange and how they relate to Uniswap's potential legal battle. Cochran argues that based on past SEC guidance, Uniswap's interface, which connects buyers and sellers, does not constitute an exchange. Uniswap Labs, the main developer of Uniswap, has been under regulatory scrutiny since 2021 and was served a Wells notice in April, indicating potential enforcement action.