The SEC has sent a Wells notice to the decentralized exchange Uniswap: future legal actions by the Commission?
On April 10, the U.S. SEC sent a Wells notice to Uniswap. The news was released on X by Uniswap CEO Hayden Adams, who stated he is ready to counter the Commission’s actions.
A Wells notice is a formal letter that the SEC sends to individuals or companies at the conclusion of an investigation to inform them that the Commission is planning to initiate enforcement action against them. The notice offers the recipient the opportunity to provide a written explanation (a Wells submission) as to why such action should not be taken.
Following the news, Uniswap’s chief legal officer Marvin Ammori stated that the SEC’s notice accuses Uniswap of operating as an unregistered securities broker and securities exchange in the United States.
The SEC launched an investigation into Uniswap Labs and Uniswap’s main developer in 2021. After the investigation began, the exchange decided to delist about 100 tokens from its platform, citing growing regulatory pressure.
In the past, the SEC has sent similar notices to both Coinbase and Binance.