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Uni Labs was served a Wells Notice by The US Securities and Exchange Commission (SEC), indicating a potential lawsuit on the horizon. The crypto industry sees this as a significant attack on decentralized finance (DeFi).
Bankless co-founder Ryan Adams expressed the seriousness of the situation, describing it as a large escalation by the SEC and the government. He pointed out that Uniswap is a symbol of cryptocurrency decentralization and complained about the decision to initiate legal proceedings against its founder, Hayden Adams, rather than recognizing him as a visionary entrepreneur. Adams sees this move not only as a legal battle but as a broader attack on the entire crypto ecosystem and equates it to a war on the internet itself.
While some decentralized project teams prefer to stay away from the US market, Uniswap Labs chose to take root in its own country. However, this decision exposed it to regulatory scrutiny, considering its role in providing access to the Uniswap protocol through the frontend website, even though it doesn’t directly control the underlying Ethereum-based protocol code. This sensitivity made Uniswap Labs a primary target for regulatory actions against the DeFi sector.
Although the SEC has previously dealt with decentralized organizations in some way, it is the first time it has initiated legal proceedings against a large protocol like Uniswap.
In the face of these developments, The Rollup co-founder Andy emphasized the need to prioritize on-chain privacy and continue building censorship-resistant systems in response to what he sees as the beginning of a wide-scale attack on DeFi.
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