The SEC recently declared its intention to sue Uniswap, sparking the fuse for a legal battle in the DeFi space. The Securities Regulator’s executives have long pointed out the lawlessness in the DeFi space, claiming decentralization is being used as a mask. Moreover, they had already signaled that lawsuits could be coming soon. So, what did Uniswap do in response to this move? How much is TON Coin aiming for in dollars?
Uniswap’s Response to SEC Charges
Uniswap, one of the largest DeFi platforms, has increased its transaction fees by approximately 67%. This move was made to finance the battle against the SEC’s upcoming lawsuit against the DeFi protocol. In other words, the protocol has essentially introduced what could be called an SEC fee.
The official website states that fees will rise from 0.15% to 0.25%, with some altcoins being exempt. Dan Smith from Blockwork Research said;
“The interface fee goes to Uniswap Labs to finance the operations of the team developing products around the protocol… Or in this case, to cover legal expenses in a lawsuit with the SEC on behalf of the entire industry. If you want to avoid the fees, then simply use an aggregator.”
SEC lawsuits are lengthy and financially burdensome. The most infamous crypto lawsuit to date has been against Ripple, with the company spending over $200 million on defense to date. Despite the potential for significant financial outlays, Uniswap has expressed its determination to contest the lawsuit.
What Will TON Coin’s Dollar Value Be?
Recently reaching a market value of $23 billion, TON Coin broke all-time records and climbed to the ninth position in terms of market value. Even as a popular altcoin of recent times, it is in a decidedly good position compared to others. Despite the falling market value, it has not been much affected by the general downturn and has risen to the eighth position. Moreover, with a unit price of $6.5, it is just $1 below the peak and its daily gain is close to 22%.
Toncoin (TON) is rising within an ascending channel formation and strong buying indicates that a new move towards the $7.5 resistance line could start. Both moving averages are sloping upwards and the RSI is in the positive zone.
However, if we start seeing closures below the support line, the price could sharply drop to the $4.28 support level. Before that, the supports at $5.7 and $5 will need to be lost.