Uniswap

DeFi

April

Coin

<a href="https://www.thecoinrepublic.com/2024/05/27/uniswap-challenged-sec-over-decentralized-exchange-what-next/">Uniswap Labs </a>has opposed the SEC’s suggestion to change the meaning of the term “exchange” to encompass DeFi. They said it diverts ‘scarce resources’ and does not have proper public guidance. Uniswap points out the possible legal issues regarding the proposal and how the court may stop it. 
<h2 class="wp-block-heading" id="h-uniswap-cites-chevron-in-sec-dispute">Uniswap Cites Chevron in SEC Dispute</h2> 
Uniswap Labs has called for the SEC to drop the proposed Exchange Act of 1934 amendments, and the SEC proposed including <a href="https://www.thecoinrepublic.com/2024/07/01/cardano-and-pepe-whales-are-backing-this-hidden-defi-gem-data-points-a-major-surge/">DeFi</a> market participants in the definition of an exchange.&nbsp; 
Uniswap has been evident in rejecting this, stating that the SEC’s proposal is very general and has no defined boundaries. 
They joined the other defying platforms and sent a letter to the SEC on July 9th, adding its opposition. <a href="https://blog.uniswap.org/wells-response-supplemental-comment-letter.pdf">According</a> to the commenter, the SEC’s amendments would result in ad hoc litigation outcomes in each case. Also, Uniswap states that these amendments go beyond the clear language of the text in the Exchange Act. 
In their recent arguments, though, Uniswap relied on the Supreme Court’s decision on the Chevron case. This decision means that the courts do not have to give me access to federal agencies to interpret laws that have unclear meanings.&nbsp; 
Uniswap says this decision directly contradicts the SEC’s proposed rule changes. 
Uniswap also pointed out that the SEC’s interpretation would most likely be dismissed in a judicial review. They said that the SEC is spending its resources on a move that may not be legal or stand a court test, so Uniswap requested that the SEC consider the Chevron decision. 
Uniswap also asked the SEC to reopen the comment period on its proposal to make amendments. They believe that the public should consider the recent case of Chevron.&nbsp; 
This would provide a better understanding and, thus, better consideration of the proposed amendments. 
The SEC was not dormant as it gave a Wells notice to Uniswap in April to inform the company of the possible enforcement action the SEC staff would recommend. Uniswap hit back at the SEC’s legal arguments as “weak” and to the challenge, saying it was ready for the battle in court. 
<h2 class="wp-block-heading" id="h-the-sec-s-defi-rules-face-real-world-issues">The SEC’s DeFi Rules Face Real-World Issues</h2> 
Uniswap pointed out that the SEC was coming up with the proposed amendments at a time when the legal framework under which the SEC was making such decisions no longer exists.&nbsp; 
They claimed that the SEC should refrain from adopting these amendments. Instead, they call for a review of the Chevron decision. 
The decentralized exchange proved that the SEC’s approach was impracticable when applied to real-life situations. The SEC claimed that the proposed amendments would result in more lawsuits. It would bring coherence and the requirement of public direction. 
The latter is due to Uniswap’s belief in legal procedures. It is ready to clash with the SEC’s proposals and defends its stance. This ongoing conflict shows the struggle between the regulators and the DeFi platforms. 
The post <a href="https://www.thecoinrepublic.com/2024/07/11/uniswap-asserts-the-sec-exceeds-authority-with-defi-rules/">Uniswap Asserts The SEC Exceeds Authority with DeFi Rules</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Uniswap Asserts The SEC Exceeds Authority with DeFi Rules

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Thecoinrepublic.com

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