Uniswap Labs confirmed receipt of a Wells notice from the US Securities and Exchange Commission’s (SEC) enforcement division.
The document notifies the company that the Securities and Exchange Commission plans to recommend legal action against it. In the meantime, the entire suite of current products will continue to be available.
The company had this to say:
“Despite the SEC’s rhetoric that ‘most’ tokens are securities, the reality is that tokens are a digital file format, such as a pdf or spreadsheet, and can store many types of value. They are not inherently securities, just as every sheet of paper is not a stock certificate. The vast majority of tradable tokens are not definitive securities – they are stablecoins, community and utility tokens, and commodities like Ethereum and Bitcoin. And tokens traded on secondary markets like Uniswap are not investment contracts.
In the event that a token can represent a security, the SEC has refused to create a pathway for business registration.”