Ethereum

Uniswap

Chair

when

The global digital assets industry again felt the wrath of the US Securities and Exchange Commission (SEC) regulatory actions. The commission’s action comes in when it had already <a href="https://news.todayq.com/can-coinbase-still-win-it-against-us-sec-whats-next-in-the-case/" rel="noopener noreferrer nofollow">sued multiple crypto exchanges</a>, and blockchain firms while asserting security laws. SEC goes short on crypto industry 
Top crypto analyst, Adam Cochran in a post that criticized the SEC’s actions against Uniswap. He points out that Uniswap has been operating for six years without clear guidance from the commission. After all these years the SEC suddenly issued a Wells Notice to Uniswap Labs.&nbsp;
The regulatory move comes without providing prior guidance on the regulatory framework for decentralized exchanges.
He argues that <a href="https://news.todayq.com/uniswap-plunges-16-as-secs-enforcement-action-looms/" rel="noopener noreferrer nofollow">Uniswap Labs</a> is just a software publisher. It provides open-source code and a frontend interface. However, Cochran questions whether the commission has jurisdiction over Uniswap’s activities. This too when it is being considered decentralized in nature.
The expert highlights the SEC’s failure to provide clear guidance on regulatory compliance for specifically decentralized exchanges. He suggests that these actions may be politically motivated. This can be done just to create a chilling effect on the US market.
It is crucial to note legal precedents came in the US SEC vs Ripple case. The courts had dismissed the SEC’s arguments delivering a partial win for both parties. Cochran suggests that the commission’s attempt to classify Uniswap as a broker may not hold up in court.
There is one specific point he raised which is the importance of protecting the right to publish code as free speech. The expert argues that Uniswap’s activities should be considered lawful. This includes providing an interface for spot commodity trading. Watchdog’s legal moves 
The regulatory body has recently initiated an inquiry into dealings between companies and the Ethereum Foundation. However, SEC Chair Gary Gensler has refrained from explicitly categorizing Ether as a security. It needs to be pointed out that he has hinted at regulatory jurisdiction over certain features of Ether’s software.
On the other hand, Ripple is still entangled in a legal battle with the commission and this is hampering XRP’s price growth. The agency has urged a federal judge to impose fines of around $2 billion on Ripple. It has cited the company’s disregard for securities laws and continued crypto sales despite legal action.&nbsp;
In a separate legal saga, Terraform Labs and its co-founder faced legal repercussions following a jury’s determination. Do Kwon is charged with fraud in a US government lawsuit.

What might US SEC be up to in Uniswap case? Expert drop hints

Todayq News

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