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Uniswap’s 3-year long SEC battle ends—Here’s what comes next
In a significant development, the US Securities and Exchange Commission (SEC) has officially closed its investigation against Uniswap Labs and plans no further enforcement action. This marked the end of a three-year-long battle between the two parties.
The SEC had previously served Uniswap with a Wells Notice in April 2022, alleging that it operated an unregistered security exchange and issued an unregistered security (UNI token). However, under the new administration, the SEC has concluded its investigation without taking any enforcement action. This outcome is being seen as a significant win for DeFi (Decentralized Finance), with many in the community celebrating this development.
In response to the news, Hayden Adams, founder of Uniswap Labs, expressed relief and gratitude towards the new SEC leadership. While he acknowledged that the investigation wasted three years, he welcomed the fresh approach taken by the regulatory body. Adams stated, “I’m grateful that the new SEC leadership is taking a more constructive approach, and I look forward to working with Congress and regulators to help create rules that actually make sense for DeFi.”
The conclusion of the investigation has had an immediate impact on Uniswap’s token, UNI. The cryptocurrency bounced 12% after the update, although it was unable to regain its previous tight $9-$10 price range seen in early February. Despite this, some analysts believe that the regulatory clarity on UNI could signal a likely recovery for the token if broader sentiment improves.
It is also worth noting that the largest whale cohort (with 10M -100M UNI) has accumulated an additional 10M UNI tokens on February 25th. This sudden accumulation by a large entity could potentially be seen as a bullish sign, especially given the token’s recent price action.
The news has been met with widespread optimism in the DeFi community, with many seeing it as a significant step towards greater regulatory clarity and cooperation between regulators and industry participants.
Source: https://ambcrypto.com/uniswaps-3-year-long-sec-battle-ends-heres-what-comes-next
