Decentralised exchange Uniswap receive notice from SEC

CEO of Uniswap (UNI) Hayden Adams shared on social media platform X surprising news for the cryptocurrency market. The Securities and Exchange Commission (SEC) has sent a Wells notice to the decentralised exchange indicating possible further legal actions towards Uniswap. A potential court case sparked direct fear amongst investors who see close correlation between the long lasting court case between Ripple and the SEC, as a result the UNI price crashed in the past days. 

Over the past three days the UNI price has set in a negative trend. In the past 24 hours the popular altcoin declined by almost 2% to a current value of $8,95. As a result the token price has fallen below the strong support line of $9 indicating a potential further downturn of the negative trend. Over a 4 day period the UNI price has decreased from around $11,80, resulting in a 25% decline in just mere days. The price crash clearly shows strong fear in the market as a result from the legal action of American authorities towards the SEC. 

SEC accuses UNI of unregistered broker

In a press conference past Wednesday Uniswaps COO, Mary-Catherine Lader, and Chief Legal Officer, Marvin Ammorri, announced to reporters the contents of the wells notice from the SEC. The American authorities accuse Uniswap of acting as an unregistered securities broker and an unregistered securities exchange. These allegations bring up an eerie similarity with allegations made to Ripple, the developer of the XRP network. For years the court case has pressured the price action of the popular altcoin, and investors fear the same might happen to UNI. 

Uniswap will fight charges

Uniswap will fight the charges, as the CEO Adams wrote. The executive is confident however that the decentralised exchange can fight the SEC, as Adams wrote on social media:

“I am confident that the products we offer are legal and that our work is on the right side of history,” 

However the CEO also acknowledges the exchange can expect a long fight which can have a significant impact on the development of the Uniswap platform and the price of its native token. Adams further wrote:

“This fight will take years, may go all the way to the Supreme Court, and the future of financial technology and our industry hangs in the balance. If we stand together we can win. I think freedom is worth fighting for. I think DeFi is worth fighting for.” 


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