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The United States Securities and Exchange Commission (SEC) has sent a Wells notice to Uniswap Labs, the company said Wednesday, warning the firm behind the Ethereum decentralized exchange (DEX) that it will face a lawsuit over securities charges.
“I’m not surprised. Just annoyed, disappointed, and ready to fight,” tweeted Uniswap founder Hayden Adams. “I am confident that the products we offer are legal and that our work is on the right side of history.”
“But it’s been clear for a while that rather than working to create clear, informed rules, the SEC has decided to focus on attacking long-time good actors like Uniswap and Coinbase,” he added. “All while letting bad actors like FTX slip by.”
The SEC has been investigating the leading Ethereum DEX for years. Back in September 2021, the Wall Street Journal reported that the regulator was looking into Uniswap Labs, launching a probe into how the exchange—which lets users trade directly with each other in a peer-to-peer fashion without an intermediary—worked and how it had been marketed to users.
This story is breaking and will be updated with additional details.
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