SEC Corners Uniswap on Illicit Plays

SEC Corners Uniswap on Illicit Plays

The worst feared enemy of the entire crypto industry is not the market crashes or other events. However, the Securities and Exchange Commissions are the worst to fear, not only by the crypto exchanges but also by the entire crypto industry. In spite of announcing that it’s there only for the betterment and secured future of the crypto industry, it rather is quite discriminating. 

Besides, putting upon rules and regulations and targeting exchanges many may think that it’s a headache only for the exchanges. However, it’s not the case though, as many cryptos are solely based upon the exchanges, owing to the native tokens of such exchanges. Also, almost all exchanges in the crypto industry possess their very own native token. 

In addition to all this, now the U.S Securities and Exchange Commission (SEC) now targets the exchange Uniswap.

SEC’s Accusations  

The next bait for the SEC is now the renowned crypto exchange Uniswap. The Uniswap comes under the Uniswap Labs, the creator firm of Uniswap. It was launched in the year 2018 and has been performing quite promisingly owing to its native token for the platform, Uniswap (UNI). The Uniswap (UNI) has established itself promisingly being the top 11th rank in the cryptocurrency industry. Being such a prominent performing coin at the same time gathers much attention too.

Accordingly, the U.S SEC has recently launched an investigation upon the Uniswap Labs. In spite of this, the SEC terms that Uniswap Labs are in suspect of indulging in various illicit and illegal activities in many terms. 

However, it’s not yet in confirmation officially by both the SEC and Uniswap Labs in regards to this investigation. 

On the other hand, sources depict that the investigations are still in the initial stages though. In spite of this the head of the U.S SEC, Gary Gensler states that both the cryptos and the Decentralized Finance (DeFi) are vital sources for finance and money, yet they should be regulated. This indirectly implies that Gary Gensler depicts this for Uniswap and other similar platforms. 

In addition, Gensler points out that such regulations are necessary among the crypto and DeFi industry in order to establish profuse financial security. 

Uniswap’s Defenses

On the other hand, the officials from Uniswap Labs have also denied any of such investigations carried upon their firm by the SEC.

 In addition, the officials from Uniswap Labs exclaim that they completely are in compliance with all the necessary rules and regulations put forth upon the industry and for the exchange platforms.

 Also, they acknowledge that they are ready to answer and submit all necessary documents in case they are put accusations upon. Besides, it’s a known fact that Uniswap is actually in its early stages and they would not take such risks as indulging in illicit affairs, thereby spoiling their names themselves. 

Moreover, until or unless the U.S SEC declares the allegations if found officially against Uniswap Labs, this will remain a mystery!

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.