{"id":24745,"date":"2024-07-10T12:00:53","date_gmt":"2024-07-10T09:00:53","guid":{"rendered":"https:\/\/coinengineer.io\/?p=24745"},"modified":"2024-07-10T09:23:48","modified_gmt":"2024-07-10T06:23:48","slug":"uniswap-labs-urges-sec-to-drop-defi-proposal-citing-supreme-court-decision","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/uniswap-labs-urges-sec-to-drop-defi-proposal-citing-supreme-court-decision\/","title":{"rendered":"Uniswap Labs Urges SEC to Drop DeFi Proposal, Citing Supreme Court Decision"},"content":{"rendered":"<p>Citing a recent <strong>Supreme<\/strong> <strong>Court<\/strong> decision, <strong>Uniswap<\/strong> <strong>Labs<\/strong>, the inventor of the Uniswap distributed exchange, has renewed its appeal to <strong>the U.S. Securities and Exchange Commission (SEC)<\/strong> to reject their plan to control decentralized finance (DeFi).<\/p>\n<p>Under the Exchange Act of 1934, the SEC has worked to widen the definition of an exchange to include DeFi crypto market players starting in April 2023 Uniswap has often resisted this action.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/uniswap-labs-urges-sec-to-drop-defi-proposal-citing-supreme-court-decision\/#Impact_of_the_Chevron_Decision\" title=\"Impact of the Chevron Decision\">Impact of the Chevron Decision<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/uniswap-labs-urges-sec-to-drop-defi-proposal-citing-supreme-court-decision\/#Broad_and_Ambiguous_Amendments\" title=\"Broad and Ambiguous Amendments\">Broad and Ambiguous Amendments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/uniswap-labs-urges-sec-to-drop-defi-proposal-citing-supreme-court-decision\/#SECs_Enforcement_Action\" title=\"SEC&#8217;s Enforcement Action\">SEC&#8217;s Enforcement Action<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Impact_of_the_Chevron_Decision\"><\/span>Impact of the Chevron Decision<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Following its comment letter from last month, Uniswap offered further reasons in a July 9 letter asking the SEC to revoke its planned changes. On June 28 the corporation cited the Chevron ruling from the Loper Bright Enterprises v. Raimondo Supreme Court case. This decision suggests that courts no longer have to follow government agencies&#8217; interpretation of unclear statutes.<\/p>\n<p><strong>Uniswap<\/strong> contends that the SEC&#8217;s attempts to redefine &#8220;exchange&#8221; would squander &#8220;limited resources&#8221; and encounter strong legal challenges. Uniswap said the SEC&#8217;s reading of the Exchange Act stretched the legislative language too far even before the Chevron ruling.<\/p>\n<p><strong>Uniswap<\/strong> said, &#8220;<em>if the Commission moves forward with its proposed amendments, a reviewing court [&#8230;] is certain to conclude that the Commission&#8217;s interpretation of the Exchange Act stretches the statutory text too far<\/em>.&#8221;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Broad_and_Ambiguous_Amendments\"><\/span>Broad and Ambiguous Amendments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Uniswap<\/strong> further argues that the proposed amendment has vague limits, which would cause possible contradictions and inadequate direction. This would need constant case-by- case litigation.<\/p>\n<p>&#8220;<em>For all these reasons, the Commission should not adopt the proposed amendments,&#8221; Uniswap stated. &#8220;The Commission developed the suggested changes against a legal environment that no longer exists.<\/em>&#8221;<\/p>\n<p>Should the SEC continue with the changes, Uniswap advises opening the comment period to provide public review of the most recent Chevron ruling.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"SECs_Enforcement_Action\"><\/span>SEC&#8217;s Enforcement Action<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>The Securities and Exchange Commission (SEC)<\/strong> sent Uniswap a Wells notice in April suggesting agency recommendation of enforcement action. A month later, Uniswap responded in a blog post, calling the SEC&#8217;s legal claims &#8220;weak&#8221; and stating ready to challenge the case in court should required.<\/p>\n<p>The recent claims of Uniswap and the wider consequences of the Chevron ruling draw attention to the continuous conflict between regulatory authorities and the changing DeFi scene.<\/p>\n<p><i><span style=\"font-weight: 400\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i><a href=\"https:\/\/t.me\/coinengineernews\"><i><span style=\"font-weight: 400\">Telegram, <\/span><\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i><span style=\"font-weight: 400\">YouTube<\/span><\/i><\/a><i><span style=\"font-weight: 400\">, and <\/span><\/i><a href=\"https:\/\/twitter.com\/coinengineers\"><i><span style=\"font-weight: 400\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> channels for the latest <\/span><\/i><a href=\"https:\/\/coinengineer.net\/blog\/news\/\"><i><span style=\"font-weight: 400\">news<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Citing a recent Supreme Court decision, Uniswap Labs, the inventor of the Uniswap distributed exchange, has renewed its appeal to the U.S. Securities and Exchange Commission (SEC) to reject their plan to control decentralized finance (DeFi). Under the Exchange Act of 1934, the SEC has worked to widen the definition of an exchange to include<\/p>\n","protected":false},"author":6,"featured_media":6168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1,2],"tags":[3179,6024],"class_list":["post-24745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","category-news","tag-the-u-s-securities-and-exchange-commission-sec","tag-uniswap-labs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Uniswap Labs Urges SEC to Drop DeFi Proposal, Citing Supreme Court Decision - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/uniswap-labs-urges-sec-to-drop-defi-proposal-citing-supreme-court-decision\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Uniswap Labs Urges SEC to Drop DeFi Proposal, Citing Supreme Court Decision - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Citing a recent Supreme Court decision, Uniswap Labs, the inventor of the Uniswap distributed exchange, has renewed its appeal to the U.S. Securities and Exchange Commission (SEC) to reject their plan to control decentralized finance (DeFi). 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