Title: Uniswap Labs Defending Decentralization Against SEC Allegations

May 21, 2024

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Uniswap Labs Responds to SEC Allegations


Uniswap Labs challenges the SEC’s authority over its decentralized protocol, claiming that most Uniswap Protocol tokens do not qualify as securities under US law.


Uniswap Labs has issued a response to the SEC’s Wells notice, urging the agency to drop its enforcement action against the company. Allegations include operating as an unregistered securities exchange and broker, which Uniswap Labs refutes based on the decentralized nature of their protocol.

Main Points

Uniswap Labs argues that the SEC lacks authority over its decentralized protocol and would need to broaden the definition of an exchange to oversee the business. Chief legal officer Martin Ammori highlights that most Uniswap Protocol tokens do not meet the criteria to be classified as securities under US law.

The company emphasizes that its protocol is self-governing and independent of Uniswap Labs, positioning itself as immune to liability for securities law violations.

Furthermore, the SEC’s Wells notice signifies potential enforcement action against Uniswap Labs following an investigation that commenced in 2021, with regulatory pressure leading to the delisting of some tokens on the decentralized exchange.


Uniswap Labs’ response challenges the SEC’s allegations and asserts the decentralized nature of their protocol. The ongoing dispute reflects broader uncertainties within the cryptocurrency space regarding regulatory oversight and classification of digital assets.