UNI's price saw a +15% increase after Uniswap's new proposal was put to vote
Uniswap [UNI] has established itself as a leader in the Decentralized Exchanges (DEXs) industry based on activity and other metrics. However, recent regulatory reviews have caused some problems for the protocol, as a Wells Notice was sent to the Uniswap team.
Uniswap is responding
Uniswap responded quickly to the Wells Notification. Uniswap Labs Chief Legal Officer Marvin Ammori tweeted that the project is fully compliant with US law. In fact, he also accused the SEC of targeting entities and individuals beyond its jurisdiction.
Ammori emphasized that approximately 75% of Uniswap usage and approximately 90% of trading volume on the DEX occurs outside the United States. Therefore, he argued, it fell outside the SEC's jurisdiction. The executive also noted that Uniswap has already submitted its views on the SEC's allegations and is ready to file lawsuits if necessary.
Management remains unimpressed
According to a recent governance proposal, on May 31 UNI token holders will vote on a proposal that would establish a system for autonomous fee collection and distribution. This system will automatically collect fees from transactions in Uniswap V3 pools and distribute them proportionally among $UNI holders who stake and delegate their tokens.
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