The US Securities and Exchange Commission (SEC) has dropped its study by Uniswap Labs, the Brooklyn-based company behind the decentralized protocol of the same name, according to a Tuesday message from Uniswap.
Uniswap received a Wells message-in the essentials, a heads-up from the regulator who informed the respondents of the charges that SEC plans to bring against Dem-April last issue of unregistered security. In subsequent blog posts and social media posts, the company and its leaders defended the legality of Uniswap’s operations and promised to fight the pending charges.
The company celebrated SEC’s decision to drop the charges and called it a “huge victory for defi” in a social media post.
“We appreciate that SEC’s new management takes a closer look at the pending enforcement surveys and litigation in our industry, not only our own, and has acknowledged that there is a more effective path to protecting American consumers. The conclusion of our study is not only welcome – and just – relief to uniswap laboratories, but also for the broader defi -community of builders, users and developers working towards a better financial system for all of us, ”said the company in A Tuesday blog post.
Amanda Tuminelli, Head of Legal Officer of Defi Education Fund, said in a statement to Coindesk that SEC’s decision to drop the investigation of Uniswap Labs “gives defi companies additional comfort to turn from defending to embrace our right to to build decentralized tech. ”
SEC’s decision to close its study of Uniswap Labs is the latest in a wave of similar-dropped studies of cryptic businesses, including Robinhood Crypto and non-swinging token marketplace OpenSea. SEC has also agreed to drop its case against Coinbase, waiting for the approval of the agency’s commissioners, according to Crypto Exchange.
Read more: SEC that is ready to drop Coinbase -The Case that marks the big moment for us Krypto
SEC is currently undergoing its approach to crypto regulation. Former President Gary Gensler, known for his so-called “regulation-for-enforcement” approach to the crypto industry, stepped down in January. His compensation, acting chairman Mark Uyeda, has made drastic changes to the Agency-Councils to stand up in a new crypto-task force led by crypto-friendly commissioner horses peirce and dissolution of crypto enforcement unit signaling of a new day for crypto companies in us
A representative of the SEC refused to comment.
