There are Rumors of Cryptocurrency Enforcement from the SEC Again – Here are the Statements of Sources Close to the Matter
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According to sources familiar with the matter, the SEC continues its actions against the cryptocurrency industry. Here are all the details.
The U.S. Securities and Exchange Commission (SEC) has reached out to several leading venture capital (VC) firms regarding their relationships with Uniswap Labs, the operator of decentralized cryptocurrency exchange Uniswap.
Notable VC firms such as Andreessen Horowitz and Union Square Ventures have received investigations from the SEC, according to multiple sources familiar with the matter.
The scrutiny comes as Uniswap Labs, which has raised over $170 million in venture funding, faces increased regulatory attention. The company’s last funding round, which closed in late 2022, valued the firm at around $1.7 billion.
Earlier this year, Uniswap Labs received a Wells Notice that hinted at potential enforcement action by the SEC. The notice indicates that the regulator could accuse Uniswap of operating as an unregistered exchange, a serious allegation that could have significant ramifications for the company.
Interestingly, despite its regulatory challenges, Uniswap operates with a different structure than other major companies in the crypto space. Unlike Coinbase, which is both a broker and an exchange, Uniswap operates with a less vertically integrated model and focuses primarily on providing a decentralized exchange platform without engaging in direct brokerage services.
Furthermore, even if regulatory actions lead to the closure of Uniswap Labs, the decentralized nature of Uniswap's products means that the exchange itself will likely continue to operate independently.
