⚔️🤺😱Swords were drawn between Uniswap and SEC: Why is the UNI price falling?.
The US Securities and Exchange Commission (#SEC ) has officially declared war on the cryptocurrency world. This time, the SEC has put #uniswap (UNI), one of the largest players in the DeFi sector, on the target board.
The developer team confirmed in a press release hours ago that the SEC is preparing a lawsuit or sanction against the platform. The SEC issued a notice against Uniswap Labs, the company behind the largest decentralized exchange, on Wednesday.
The Uniswap team, in a statement after the statement, referred to a similar case filed by the Commission in June 2023 and made the following statement:
The UNI team shared that they are ready to fight and that all their activities continue within the framework of the law. In a press release, the company defended itself against the SEC by citing the Ripple case as an example. Uniswap Labs stated that the SEC does not have jurisdiction over on-chain markets.
Even if the Ripple decision and the Supreme Court's Howey test do not invalidate the SEC's arguments, the Uniswap Protocol, web application, and wallet will still not meet the legal definitions of a securities exchange or broker.”
The price of Uniswap (UNI) has seen the bottom of recent weeks
After the news of the lawsuit by the US Securities and Exchange Commission, the platform's local token UNI was negatively affected. The altcoin, which has been rising steadily since November, has suffered a 35 percent depreciation in the last month.
