🚀Uniswap Labs, the brains behind the decentralized exchange Uniswap, has fired back at the U.S. Securities and Exchange Commission's (SEC) Wells Notice, calling the legal basis "weak".👎 Meanwhile, Uniswap's native token UNI is on a roll, surging 2.0% in the last 24 hours and 37% over the week to hit $9.48.💰

Uniswap argues that the SEC's assumption that all tokens are securities is flawed. Marvin Ammori, Uniswap Labs' Chief Legal Officer, insists that tokens are a file format for value, not securities. He criticized the SEC's attempts to redefine terms such as "exchange," "broker," and "investment contract" to include Uniswap's operations.👨‍⚖️

Uniswap is ready to fight back. Its lawyers, who have represented successful cases including Grayscale and Ripple, warn that a case against Uniswap could push American crypto investors to use foreign trading protocols and stifle innovation.🥊

Uniswap's response comes as the U.S. House of Representatives gears up to vote on the Financial Innovation and Technology for the 21st Century Act. This bill could reshape the SEC and the Commodity Futures Trading Commission's (CFTC) roles in crypto regulation. Uniswap believes that if this legislation is enacted, the SEC's case might become irrelevant, and the CFTC would gain enforcement authority in certain areas.🏛️

Uniswap received the Wells Notice in April, and Ammori expressed disappointment but not surprise. He criticized the SEC for lacking clarity and guidance on Uniswap's self-custodial, non-intermediated products.📜 Stay tuned for more updates!👀