Uniswap: If the SEC starts legal proceedings, we will win
In April, the US Securities and Exchange Commission (SEC) announced plans to sue decentralized platform Uniswap Labs for illegally trading securities through its Ethereum-based Automatic Market Making (AMM) protocol. At the same time, the site received a “Wells Notice,” which often precedes official charges from the regulator.
In response, Uniswap stated that it does not fit the definition of a crypto exchange. In addition, about 65% of the platform’s trading volume comes from Bitcoin, Ethereum and the USDT stablecoin, which are fully compliant with US law.
According to Uniswap CEO Marvin Ammori, the proposed SEC lawsuit would be an excess of the powers granted to the agency by the United States Congress.
The company said it estimates that 75% of the platform's users are outside the United States. This means that more than 90% of trading volume is also outside the jurisdiction of the Commission.
