Uniswap Receives Notice from Wales; Founder Vows to Battle SEC to the End
Hayden Adams, the founder of leading Ethereum DEX Uniswap, has revealed that the SEC has issued a Wells Notice to Uniswap Labs, indicating a potential lawsuit against the company. Uniswap must now fight against the US government agency to protect the company and the industry, as DeFi is worth fighting for.
A Wells Notice is a formal notification from the US Securities and Exchange Commission (SEC) indicating its intent to bring charges against the defendant. Last March, compliant exchange Coinbase also received a Wells Notice and entered into a long-term litigation process with the SEC.
Hayden Adams stated that he is not surprised but rather angry, disappointed, and prepared for a fight. He believes that the products offered by Uniswap are legitimate. However, the SEC has not been committed to establishing clear, informed rules and instead has chosen to focus on attacking long-standing participants like Uniswap and Coinbase while allowing bad actors like FTX to slip away.
While Adams admitted that he did not envision rebuilding finance when he initially founded Uniswap, it has become a thoroughly decentralized, fully automated on-chain market experiment. Today, the trading volume of the Uniswap protocol has exceeded $2 trillion, all accomplished by the Uniswap team based in their New York office.
In the face of the US substituting enforcement for regulation, why does Uniswap choose to remain in the US? Adam’s answer is:
“I believe blockchain is a very powerful technology. Just like the internet, it will always exist. So someone needs to solve this problem, and it’s better for that person to be us.”
Therefore, Adams has decided that they must fight against US government agencies to protect the company and the industry.
This battle will last for several years and may even be appealed to the Supreme Court, leaving the future of fintech and the industry uncertain. If we unite, we can win.
“I believe freedom is worth fighting for. I believe DeFi is worth fighting for.”
SEC
Uniswap
Wells Notice
