Uniswap (UNI) is preventing again in opposition to the U.S. Securities and Change Fee (SEC).
The most important decentralized alternate by buying and selling quantity received 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 almost all crypto property are securities.
“However a token is merely a file format–like a PDF or JPEG. Tokens can symbolize any worth, and overwhelmingly symbolize commodities (BTC, ETH, stables) & memes & entry for helpful networks. PDFs usually are not inherently inventory certificates, and tokens usually are not inherently securities.
Even when securities had been concerned, the Uniswap protocol (and net app, and pockets) don’t fall underneath definitions of the ‘securities alternate’ or ‘dealer.’
Below regulation, the Uniswap protocol must be particularly designed ‘for’ ‘securities’ – and it’s not. It’s for normal functions, primarily used for commodities.”
Ammori additionally says present US regulation 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 sturdy that the SEC is attempting to alter the regulation to battle us. The SEC has a pending rulemaking proposing to rewrite its personal definition of ‘alternate’ – and to redefine ‘group’ and several other different phrases past what they really imply. Altering what phrases imply to be able to sue us underneath the brand new made-up regulation simply isn’t going to work in court docket.”
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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