👉👉👉 #UniSwap price tanks 10% as team vows to fight SEC threat
Following the disclosure of a notice of potential enforcement action from the SEC, Uniswap Labs founder Hayden Adams asserted the company's readiness to contest the matter.
The native token of the #Decentralized exchange, Uniswap (UNI), experienced a sharp decline to a six-week low of $9.45 subsequent to Uniswap's announcement of receiving a Wells notice from the Securities and Exchange Commission (SEC), indicating impending enforcement action.
Hayden Adams expressed a mix of emotions, stating, "I'm not surprised. Just annoyed, disappointed, and ready to fight," in an X post on April 10. He acknowledged the likelihood of a protracted legal battle that could extend to the Supreme Court.
While Uniswap did not divulge the exact details of the Wells notice, it maintained in a blog post that UNI did not constitute a security and did not meet the criteria of a securities exchange or broker under U.S. law.
An SEC spokesperson refrained from confirming or denying the existence of an investigation.
Bill Hughes, senior counsel and regulatory matters director at ConsenSys, clarified on X that SEC staff must obtain approval from the agency's five commissioners, including Chair #GaryGensler , before proceeding with the lawsuit. He suggested that while the lawsuit may be inevitable, it had not yet been officially filed.
Former SEC internet enforcement chief John Reed Stark cautioned against responding to a Wells notice with aggressive tactics, as it could be perceived as a weak and risky strategy. Stark criticized Uniswap for its alleged provocative PR campaign and warned of potential consequences.
He predicted that the SEC enforcement staff would pursue litigation vigorously, despite Uniswap's assertions, ultimately prevailing on key legal issues.
Source - cointelegraph.com