SEC's blow to DeFi altcoin: Its price fell sharply
It is learned that the US #SEC institution is preparing to sue Uniswap. The development caused a sharp drop in Uniswap's UNI token.
The news that the US Securities and Exchange Commission (SEC) is preparing to sue Uniswap caused a sharp drop in the UNI token.
UNI, which was trading at $ 11.21 today, retreated by 10 percent after the development, which fell to agencies at the last minute, and landed at $ 10. Thus, the token fell to its lowest level since February.
Hayden Adams, the founder of #uniswap said in his first statement on the issue, “We received a Wells notice from the SEC today. I'm not surprised. I'm just angry and disappointed. We are ready to fight.” he used his expressions.
The SEC is expected to make an official statement on the case in the coming days.
The SEC has sued many crypto projects before. The lawsuit filed against Ripple was one of the first. The institution did not get the result it hoped for against Ripple, and the court ruled that XRP sales made on stock exchanges were outside the scope of the investment agreement. On the one hand, the SEC's lawsuits against crypto projects, as well as exchanges, especially Coinbase, are continuing.
