In a February 25 X post, Uniswap stated that the SEC had concluded its probe and would not pursue any enforcement action. This announcement follows reports that Uniswap received a Wells Notice from the SEC in April 2024, during the tenure of then-Chair Gary Gensler.

Uniswap described the move as “a huge win for DeFi,” emphasizing that their technology aligns with legal frameworks and their work stands on “the right side of history.”

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Is the SEC Shifting Its Stance on Crypto Regulation?

In February, the SEC held meetings with representatives from various firms, suggesting possible changes in crypto regulations. SEC Commissioner Hester Peirce, who leads the commission’s crypto regulatory efforts, stated that the agency should wait for a Senate-confirmed chair before charting a new regulatory course.

However, with the closure of investigations into Uniswap, Coinbase, and Robinhood Crypto, it appears that the SEC is rapidly changing its approach to crypto enforcement. Some experts suggest that all pending cases, including the ongoing appeal against Ripple Labs, could be paused or withdrawn altogether.

Notably, before U.S. President Donald Trump took office, reports indicated that the SEC was considering freezing all crypto enforcement cases that did not involve fraud. Under Project 2025, the Trump administration aims to “remove regulatory impediments” at the SEC, further signaling a shift in the commission’s stance toward digital assets.

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