Uniswap (UNI) is combating again towards the U.S. Securities and Trade Fee (SEC).
The biggest decentralized trade by buying and selling quantity received a Wells Discover from the SEC final month, which signifies the regulator intends to take enforcement actions towards the DEX quickly.
Marvin Ammori, the chief authorized officer at Uniswap Labs, notes that the undertaking submitted an official response to the SEC on Tuesday.
Ammori argues that the SEC depends on a false assumption that just about all crypto belongings are securities.
“However a token is merely a file format–like a PDF or JPEG. Tokens can symbolize any worth, and overwhelmingly symbolize commodities (BTC, ETH, stables) & memes & entry for helpful networks. PDFs should not inherently inventory certificates, and tokens should not inherently securities.
Even when securities had been concerned, the Uniswap protocol (and net app, and pockets) don’t fall below definitions of the ‘securities trade’ or ‘dealer.’
Beneath regulation, the Uniswap protocol must be particularly designed ‘for’ ‘securities’ – and it’s not. It’s for common functions, primarily used for commodities.”
Ammori additionally says present US regulation requires securities exchanges to be operated by “teams.” The chief authorized officer notes that Uniswap is “autonomous software program” and isn’t operated or managed by anyone.
“Our case is so robust that the SEC is attempting to alter the regulation to combat us. The SEC has a pending rulemaking proposing to rewrite its personal definition of ‘trade’ – and to redefine ‘group’ and several other different phrases past what they really imply. Altering what phrases imply with a purpose to sue us below the brand new made-up regulation simply isn’t going to work in court docket.”
The SEC has additionally accused Coinbase, Binance and Kraken of violating securities legal guidelines, launching lawsuits towards all three exchanges final 12 months.
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