Marvin

Uniswap

Wednesday

DeFi

One of the world’s biggest financial regulators, the US Securities and Exchange Commission (SEC) has been overnighting the crypto industry thoroughly. Amid this <a href="https://news.todayq.com/uniswap-founder-urges-democrats-to-rethink-crypto-regulations/" rel="noopener noreferrer nofollow">scrutiny</a>, Uniswap Labs moved ahead to file a reply to an SEC Wells notice in a detailed 40 page filing. Uniswap replies to SEC 
This move comes in when the commission seems to be focusing on Ethereum’s nature (ETH) and intensifying its investigation around some of the biggest names in decentralized finance (DeFi). However, Uniswap is asking the SEC not to pursue any legal action against them.
According to reports, Marvin Ammori, Uniswap’s chief legal officer stated “The SEC’s entire case rests on the false assumption that all tokens are securities. Tokens are in fact, simply a file format for value.” He added that the commission needs to revise key financial terms in order to apply its rules to DeFi operations.
Uniswap posted a blog labeling it “The fight for DeFi continues”. It mentioned that the SEC’s aggressive theories are an effort to expand its jurisdiction beyond exchanges. It added that this can lead to communications technology and beyond securities to all markets.&nbsp;
The blog stated that their legal arguments are weak and have been refuted by courts. They expect the House to pass a bill that would give the CFTC robust authority to cover digital asset trading.
It highlighted that the SEC is asserting that the Uniswap Protocol is an unregistered securities exchange controlled by Uniswap Labs. It argues that the Uniswap interface is an unregistered securities broker-dealer and that the UNI token is an investment contract. What’s going on in the market? 
The platform made sure that they are confident that their work is on the right side of history. However, they believe that the SEC should not devote its taxpayer-funded resources to bringing a case against us.&nbsp;
Amid this legal tussle, Uniswap price has jumped by 39% over the last 7 days. UNI price is up by around 3% in the last 24 hours. It is trading at an average price of $9.49, at the press time. It is still down by 79% from its all time high (ATH) of $44.97 recorded on May 03, 2021. Its 24 hour trading volume is down 15% to stand at $286 million. Its market cap stands at $5.66 billion.
The global crypto market saw a major surge on Wednesday as Ethereum price jumped by over 20% in the last 24 hours.

Uniswap price jumps as DeFi platform fires back at SEC

Todayq News

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