“The SEC is contradicting its own guidelines in its case against the decentralized crypto exchange Uniswap,” says Adam Cochran of Cinneamhain Ventures. He said the SEC has previously issued no-action letters to entities seeking guidance on electronic matching and routing of trades. However, the SEC concluded that enforcement on a separate system does not meet the definition of an "exchange." Uniswap Labs, the main developer of Uniswap, has been subject to regulatory oversight since 2021. 😕"