United States SEC Reportedly Investigating UniSwap Exchange

The SEC does not confirm or deny the allegations and appears more routine procedural than motivated by suspected illicit activity.

By
Kyle Heise
on
September 5, 2021
Category:
Blockchain News

SEC Eyes UniSwap

The world’s largest cryptocurrency decentralized exchange (DEX), Uniswap Labs, is reportedly under investigation by the United States Securities and Exchange Commission (SEC). The SEC reportedly has enforcement attorneys investigating the DEX. 

A report from the Wall Street Journal (WSJ), from Friday, September 3rd, has asserted that the attorneys are seeking information about how investors interact with Uniswap and how the DEX is marketed. The WSJ confirmed the details through unnamed sources familiar with the matter.

“[Uniswap 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,” a spokesman from UniSwap told WSJ. 

The SEC refused to comment as it does not confirm or deny any investigations, as confirmed by a Spokeswoman to WSJ. The investigation is apparently still in the initial phases and could fail to produce anything substantive. The SEC often investigates an industry to understand and make broader industry assessments. 

Source

Decentralized Finance (DeFi) has recently come under hot water from the regulatory body, despite the SEC refusing to take any concrete positions. All the messages have come through unwarranted obfuscation, with SEC Commissioner more recently calling for greater regulatory power

UniSwap’s v.2 and v.3 currently command a sizeable majority of the DEX market share, according to CoinMarketCap. Together, the two DEX versions facilitate a 24hr volume of over $1.6 Billion dollars in trading. UniSwap is an Ethereum based DEX, and Ethereum has been approaching all-time-high prices the past week, trading just below $4,000 USD. 

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Kyle Heise

Born and raised in the East Bay of California. He has studied and worked on three continents and lived in eight countries. Kyle resides in San Francisco. Go Giants!

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