According to CryptoPotato, after Uniswap received a notice from the U.S. Securities and Exchange Commission (SEC) that it planned to take enforcement action against it, UNI whales seemed to be in trouble and began to sell tokens. This news caused the price of UNI to fall to $9.27, with a monthly loss of more than 35%. Three major whales sold about 2.03 million tokens, worth about $20 million, causing the price of UNI to fall sharply by 17% in the past day, dragging this crypto asset to its lowest point in two months.
In addition, Uniswap insists that its protocol, web application, and related wallet infrastructure do not fall within the legal definition of a securities exchange or broker. Uniswap founder Hayden Adams said he was "irritated" and "disappointed," but ready to fight. He also said that Uniswap has done "far better" than regulators in its mission to "protect investors, maintain fair, orderly, and efficient markets, and promote capital formation."
