Breaking: Uniswap Labs is allegedly under probe by US SEC


TL;DR Breakdown:

  • The United States SEC has allegedly launched an investigation into Uniswap Labs, the entity behind the popular Ethereum DEX.
  • The SEC is reportedly seeking to know how investors are using the platform. It doesn’t constitute any accusation of wrongdoings.

Uniswap Labs, the development team behind the Uniswap DEX, is reportedly under investigation by the United States Securities and Exchange Commission (SEC). The development today is coming some weeks after the decentralized exchange made some changes to its offerings on the app.uniswap.org platform.

Uniswap Labs under SEC probe

The US enforcement agency is seeking to know how investors use the platform and also how it is marketed, according to the report on Friday by the Wall Street Journal, which cited unnamed sources familiar with the matter. Uniswap Labs will comply with the authority, a spokesperson for the company said. 

Uniswap Labs is “committed to complying with the laws and regulations governing our industry and to providing information to regulators that will assist them with any inquiry.”

It’s worth noting that this is a developing story and doesn’t constitute any accusation of wrongdoings. At the time of writing, the Uniswap token is down by 2.55 percent (24hrs), trading at $29.73 on CoinMarketCap.

Is Regulation Coming to DeFi?

On July 24, Uniswap Labs delisted several tokens, especially tokenized stocks, from the Uniswap trading portal, as they are monitoring “the evolving regulatory landscape.” This sparked a lot of concerns amongst DeFi and crypto users that DeFi regulation isn’t far-fetched. 

Later in August, the chairman at the SEC, Gary Gensler, hinted at DeFi regulation. He disclosed that the agency could regulate some DeFi projects no matter how “decentralized” they claim to be. He argued that some DeFi projects are highly centralized in some aspects.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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