Uniswap Labs receives SEC notice for possible legal action
Uniswap Labs has confirmed the receipt of a Wells notice from the Enforcement Division of the U.S. Securities and Exchange Commission (SEC).
The document notifies the company that the SEC is planning to recommend a legal action against it. In the meantime, the entire suite of current products will continue to be available.
The company had the following to say:
“Despite SEC rhetoric that “most” tokens are securities, the reality is that tokens are a digital file format, like a pdf or spreadsheet, and can store many kinds of value. They are not intrinsically securities, just as every sheet of paper is not a stock certificate. The overwhelming volume of traded tokens are definitively not securities – they are stablecoins, community and utility tokens, and commodities like Ethereum and Bitcoin. And tokens traded on secondary markets like Uniswap are not investment contracts.
In the circumstance where a token may represent a security, the SEC has refused to create a path for businesses to register”.