Uniswap price decreases 17% amidst SEC suing: what you should know
(note: the post contains data by CoinMarketCap)
Uniswap (UNI), the token for the decentralized exchange of the same name, sunk to a six-week low after Uniswap said it received a proposed lawsuit notice from United States regulators — which it is “ready to fight.”
UNI dropped 10% from $11.21 to $10 in the hour after Uniswap said it received a Wells notice from the Securities and Exchange Commission, a notification that the regulator is planning enforcement action.
UNI is currently trading at $9.2, its lowest point since late February, according to WhiteBIT data.
Uniswap didn’t share the exact contents of the Wells notice, but in a blog post regarding the notice, it claimed UNI wasn’t a security, and it doesn’t meet the U.S. legal definitions of securities exchange or broker.
Consensys senior counsel and regulatory matters director Bill Hughes wrote on X clarifying that SEC staff have to first get the lawsuit approved by the agency’s five commissioners, including Chair Gary Gensler.
He urged those “freaked out” to “take a breath and calm down” as it was “extremely doubtful” the SEC would target UNI holders or protocol users.
