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Today, the U.S. Securities and Exchange Commission (SEC) delivered a Wells Notice to 
Uniswap Labs, indicating the federal watchdog plans to sue the pioneers behind DeFi’s most popular decentralized exchange.
What's the scoop?
- Uniswap maintains that its suite of DeFi resources “don't meet the legal definitions of securities exchange or broker.”
- “This fight will take years, may go all the way to the Supreme Court, and the future of financial technology and our industry hangs in the balance,” Uniswap inventor
Hayden Adams said. “If we stand together we can win.” - Bottom line: Uniswap is not backing down and its products will remain available while this lawsuit plays out. The team also plans to continue deploying new tools regardless of the SEC playing hardball.
Bankless Take:
Gary Gensler’s SEC approaches all tokens as if they were securities, regardless of how this position has been repeatedly struck down in U.S. courts. This Wells Notice is the latest indication of the current Commission’s blanket approach to attacking DeFi projects on these grounds in bad faith.
Yet if anyone is ready for this fight, it’s the Uniswap team, and they’ll have an army of supporters at their backs the whole way. Watch out, then, because arguably the biggest legal battle in crypto history is about to unfold!
