US SEC Closed Uniswap Investigation, No Enforcement Taken – UNI Up by 8%
The crypto industry marked another win after the US SEC dropped its investigation into Uniswap Labs on-chain marketplace. In April 2024, the regulator issued a Wells notice that claimed Uniswap Labs operated as an unregistered broker, operated an exchange, and issued an unregistered security.
Uniswap made the important announcement via X yesterday evening and this triggered a price surge for the UNI digital asset.
UNI Price Surges Following the Announcement
On February 25, UNI debuted a price surge from $7.51 levels, topping $8.52 and a market cap of $5.11 billion, before settling to current price levels.
The price surge was triggered by Uniswap’s announcement.
SEC Closed Its Investigation into Uniswap
Last year, the regulator issued a Wells Notice claiming that Uniswap:
- Operated an unregistered securities exchange
- Engaged in unregistered broker or clearing firm activity
- Issued an unregistered security
The SEC’s decision reaffirms that Uniswap Labs operates in full compliance with all applicable laws.
The notes also highlighted that Uniswap creates technology that makes markets more transparent, efficient, and accessible.
Uniswap Remains Committed to Expand DeFi Access
In the official notes, the marketplace also said that it is expanding access to DeFi by developing technology that:
- Promotes liquidity and price transparency
- Reduces reliance on intermediaries
- Lowers transaction costs
The team at Uniswap also said that the products they build serve users to strengthen the financial system as a whole.
They concluded by saying that Uniswap appreciates the new SEC leadership which is willing to take a closer look at the pending enforcement investigations and litigations across the crypto industry.
