According to Wu, Uniswap responded to the SEC Wells Notice in a 43-page document, emphasizing that it is not an exchange and that the SEC has no authority to regulate BTC, ETH or stablecoins. Uniswap argued that the tokens traded on its platform are not securities, but alternative assets such as stablecoins, community and utility tokens, and commodities. By its decentralized nature, the protocol does not maintain user accounts or collect personal data. Uniswap believes that the case will encourage Americans to use foreign interfaces and trading protocols that are more difficult to regulate, while discouraging innovators. Uniswap also stated that the SEC cannot get the answers it wants through litigation and that congressional intervention is needed to regulate cryptocurrencies.