Uniswap Labs Responds to SEC Wells Notice, Calls the Legal Basis “Weak”

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Uniswap Labs, the company behind the decentralized exchange Uniswap, has issued a response to the Wells Notice from the U.S. Securities and Exchange Commission.on May 21, Uniswap Labs criticized the SEC’s basis for the notice, calling it “weak.” The firm compiled a number of reasons why the agency’s pursuit of legal action needs to be reconsidered.

Ammori also pointed out that the SEC’s accusation that Uniswap’s interface and wallet act as brokers would likely fail, citing a recent federal judge’s ruling dismissing similar claims against the Uniswap lawyers warned that a case against Uniswap is bound to drive American crypto investors to use foreign trading protocols. Further, it could discourage future innovators from coming up with new ideas that bring competition and innovation in financial and commercial markets.Uniswap Labs’ response comes just as the U.S. House of Representatives prepares to vote on the Financial Innovation and Technology for the 21st Century Act.

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