According to a recent report by Fortune, the U.S. Securities and Exchange Commission (SEC) has informed leading decentralized exchange Uniswap about an upcoming enforcement action.
Uniswap CEO Hayden Adams has already confirmed the report on the X social media network (formerly Twitter). Adams says that he is "annoyed" and "disappointed," but he is ready to fight.
"I am confident that the products we offer are legal and that our work is on the right side of history. But it’s been clear for a while that rather than working to create clear, informed rules, the SEC has decided to focus on attacking long-time good actors like Uniswap and Coinbase," he said.
Adams has added that decentralized finance (DeFi) is "worth fighting for."
Marvin Ammori, chief legal officer at Uniswap, has slammed the SEC's Wells notice as "another abuse of power," adding that the regulator has no authority over securities. Ammori has added that "most tokens" are not securities. Moreover, he has criticized the SEC for failing to provide regulatory clarity.
Uniswap appeared in the SEC's crosshairs at least several years ago. In September 2021, the Wall Street Journal reported that the leading DEX was under an SEC probe, with the agency's attorneys focusing on the exchange's marketing.
The SEC is currently waging legal battles against numerous major players in crypto. Last March, the regulator managed to score a win against Coinbase, the top US crypto exchange, with the court denying the company's motion to dismiss the lawsuit against it.