cryptonewsland.com
- Uniswap shares its response to the SEC following the Wells Notice it received.
- The DeFi exchange says it’s ready to protect DeFi rights.
- It also believes the US House will take its side should the fight last longer.
Uniswap maintains community transparency as the popular DeFi exchange platform shares its response to the SEC’s Wells Notice. Uniswap stands firm on their belief that DeFi is revolutionary and promises to fight to protect it.
Today we responded to the SEC’s Wells notice
— Uniswap Labs 🦄 (@Uniswap) May 21, 2024
We believe DeFi is revolutionary and we’re going to fight to protect it
Summary of our response and the full 40 page document here:https://t.co/u4fEWHVMVu
In detail, the SEC hit Uniswap with a Wells Notice, meaning that Uniswap would likely have to go to trial to continue functioning without any hindrances. As always, when the SEC targets a crypto project, the project undergoes a few price dips but usually fights the good fight.
Uniswap certainly is ready to meet the SEC in this fight for rights. After all, the CEO of Uniswap has shared their appreciation for ethical token distribution practices. Indeed, the project believes it has done no wrong and will meet the SEC on a fair basis.
To highlight their commitment, Uniswap shares a summary of their 40 page document response to the SEC. Uniswap makes it clear that the SEC should be open to embrace open source technology especially when it aims to improve outdated commercial and financial systems.
It ensures the readers that Uniswap’s protocol is low cost, secure, and transparent meaning the platform is safe to use. It also highlights the fact that Uniswap will protect investors and maintain a fair, orderly, and efficient market.
Finally, getting to the root of the Wells notice, Uniswap will fight the SEC’s attempt to litigate it out of existence and will fight for DeFi. It calls the SEC’s legal arguments wear and also refuted by the courts.
More so, the US House is passing a bill that will soon protect the rights of crypto companies within US borders. This gives Uniswap a stronger ground to stand on making them more sure-footed should this fight continue into an all-out battle.