Uniswap (UNI) is preventing again in opposition to the U.S. Securities and Alternate 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 in opposition to the DEX quickly.
Marvin Ammori, the chief authorized officer at Uniswap Labs, notes that the venture submitted an official response to the SEC on Tuesday.
Ammori argues that the SEC depends on a false assumption that just about all crypto property are securities.
“However a token is merely a file format–like a PDF or JPEG. Tokens can signify any worth, and overwhelmingly signify 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 net app, and pockets) don’t fall beneath definitions of the ‘securities change’ or ‘dealer.’
Below legislation, 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 legislation 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 legislation 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 with a view to sue us beneath the brand new made-up legislation simply isn’t going to work in courtroom.”
The SEC has additionally accused Coinbase, Binance and Kraken of violating securities legal guidelines, launching lawsuits in opposition to all three exchanges final 12 months.
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