As the Securities and Exchange Commission (SEC) looks to crack down on Uniswap, backlash is pouring in. Hayden Adams, the platform’s creator, has been highly critical of the US financial police officer, and other top cryptocurrency figures, including executives from Coinbase and Kraken, have voiced their support.
Uniswap VS SEC: teams mobilized
Hayden Adams, creator of Uniswap, announced this storm last night. He confirms that he has received a “Wells Notice” from the Securities and Exchange Commission (SEC) confirming that he wishes to file charges against the protocol.
👉 To go further – Uniswap (UNI), a decentralized token exchange protocol on Ethereum
As a reminder, the decentralized exchange (DEX) development team is based in New York. It is therefore under the purview of the US Financial Police. But she chose not to flee to another country, according to Hayden Adams:
” When you’re creating technology that improves people’s lives, there’s no need to hide. »
He also explains that he would have the option to leave, but that “someone has to do it, so it might as well be us“.
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A crypto community is rallying behind Uniswap
Hayden Adams believes the future of fintech will be partly determined by this SEC action, He is not the only one. There have been many reactions in the ecosystem and they are not kind to the SEC. Kraken CEO Dave Ripley described the event as “abuse of power“.
Adam Cochran, general partner at Cinneamhain Ventures, was also very surprised by the deal, reminds that Uniswap has been around for 6 years :
“The SEC had YEARS to provide guidance on this behavior, but chose not to.»
👉 Also in the news – Ethereum (ETH): SEC invites comments for spot ETFs from Grayscale, Bitwise and Fidelity
Brian Armstrong, CEO of Coinbase, also showed his support for Uniswap. As a reminder, his company was also targeted by the SEC. Coinbase attorney Paul Grewal he also pointed out that the SEC recently suffered a legal defeat, trying to deal with an unfaithful portfolio. According to him, even this event could be doomed to failure:
Sometimes you have to laugh or you’ll cry. Question: How can you square @SECGovthat’s what he claims @Uniswap acts as a mediator with a court decision against @SECGov just a few days ago? Answer: you can’t. https://t.co/K42aKw5YZc pic.twitter.com/OcegMnDWVu
— paulgrewal.eth (@iampaulgrewal) April 10, 2024
However, the case raises questions: how to judge a completely decentralized service that works automatically? That’s a question the SEC will be looking into. Until then, Hayden Adams could not hide his bitterness:
“The SEC’s mission is to “protect investors and maintain orderly, fair, and efficient markets.”(…)It’s a noble mission, but I’d argue that Uniswap fulfills that role far better than the SEC.»
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Source: Hayden Adams via X
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