Uniswap (UNI) is combating again towards the U.S. Securities and Change Fee (SEC).
The biggest decentralized change by buying and selling quantity obtained a Wells Discover from the SEC final month, which signifies the regulator intends to take enforcement actions towards the DEX quickly.
Marvin Ammori, the chief authorized officer at Uniswap Labs, notes that the challenge submitted an official response to the SEC on Tuesday.
Ammori argues that the SEC depends on a false assumption that almost all crypto belongings are securities.
“However a token is merely a file format–like a PDF or JPEG. Tokens can characterize any worth, and overwhelmingly characterize commodities (BTC, ETH, stables) & memes & entry for helpful networks. PDFs are usually not inherently inventory certificates, and tokens are usually not inherently securities.
Even when securities have been concerned, the Uniswap protocol (and internet app, and pockets) don’t fall underneath definitions of the ‘securities change’ or ‘dealer.’
Beneath regulation, the Uniswap protocol must be particularly designed ‘for’ ‘securities’ – and it isn’t. It’s for normal functions, primarily used for commodities.”
Ammori additionally says present US regulation requires securities exchanges to be operated by “teams.” The chief authorized officer notes that Uniswap is “autonomous software program” and isn’t operated or managed by anyone.
“Our case is so robust that the SEC is making an attempt to alter the regulation to battle us. The SEC has a pending rulemaking proposing to rewrite its personal definition of ‘change’ – and to redefine ‘group’ and several other different phrases past what they really imply. Altering what phrases imply as a way to sue us underneath the brand new made-up regulation simply isn’t going to work in courtroom.”
The SEC has additionally accused Coinbase, Binance and Kraken of violating securities legal guidelines, launching lawsuits towards all three exchanges final 12 months.
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