Uniswap Labs Responds to SEC Discover
Uniswap Labs, the creator of the Uniswap protocol, has publicly responded to the Wells discover it obtained from the U.S. Securities and Trade Fee (SEC) final month. The corporate has expressed its perception that the SEC ought to embrace open supply know-how that improves on outdated business and monetary programs, fairly than making an attempt to litigate it out of existence, based on a weblog put up on the Uniswap web site.
Arguments Towards SEC’s Allegations
Uniswap Labs refutes the SEC’s aggressive theories, which it views as an try and develop the Fee’s jurisdiction past exchanges to communications know-how, and past securities to all markets. The corporate asserts that the SEC’s authorized arguments are weak and have been refuted by courts.
The Uniswap protocol, an autonomous software program, permits customers to transact immediately with one another with out counting on centralized intermediaries or paying charges to them. The protocol has supported $2 trillion in buying and selling quantity with no single hack and is built-in by 1000’s of groups. Uniswap Labs argues that the protocol gives safe, low-cost, and clear infrastructure that aligns with the SEC’s mission of defending traders and sustaining honest, orderly, and environment friendly markets.
The SEC’s Assertions and Uniswap’s Response
The SEC has asserted that the Uniswap Protocol is an unregistered securities trade managed by Uniswap Labs, that the Uniswap interface is an unregistered securities broker-dealer, and that the UNI token is an funding contract. In response, Uniswap Labs states these assumptions lengthen the definitions of exchanges, brokers, and contracts to the purpose of meaninglessness. The corporate maintains {that a} token is a file format, like a PDF, and the protocol is a general-purpose pc program that anybody can use and combine, like TCP/IP.
Ready for Authorized Battle
Regardless of the looming authorized problem, Uniswap Labs stays assured and ready to battle the SEC’s allegations. The corporate’s authorized workforce consists of Andrew Ceresney, a former head of enforcement on the SEC, who represented Ripple of their victory over the SEC, and Don Verrilli, a former U.S. solicitor common, who has argued greater than 50 instances earlier than the U.S. Supreme Court docket and represented Grayscale in its profitable case in opposition to the SEC.
Whereas the authorized battle unfolds, Uniswap Labs plans to proceed constructing and bettering its protocol, defending the correct to make use of and distribute general-purpose code that challenges incumbents to improve, adapt, and compete.
Picture supply: Shutterstock
. . .
