Uniswap Labs received a Wells notice from the Securities and Exchange Commission warning the company that the regulator intends to pursue legal action. The company argues that tokens are not securities and that most tokens traded on the protocol are not investment contracts. Recently, there have been discussions about turning on the fee switch for the UNI token. However, this has not been implemented, and Uniswap Labs insists that UNI does not fit the definition of a security since there is no investment contract between the company and token holders.
Thursday, April 11, 2024