In the last week, SEC investigators have been destroying investigations at a rapid pace, freeing Robinhood OpenSea, and Coinbase of their regulatory inquiries.
The company’s Tuesday postings indicate that the investigation has been closed.
“This is a huge win for DeFi and reaffirms what we’ve always known — that the technology we build is on the right side of the law, and our work is on the right side of history,” Uniswap Labs has written on X.
A blog entry by the company described it as an a “welcome relief” and praised the SEC’s new leadership — which no longer includes known crypto critic and former Chair Gary Gensler — for seeing a “more effective path to protecting American consumers.”
Hayden Adams, Uniswap Labs’ CEO and inventor of Uniswap, also shared the same stance in a long post. He argues Uniswap does not qualify as a broker or fit in existing financial regulations. Round hole, square peg.
This is an argument that many crypto executives use, stating they believe digital assets are not easily classified as commodities or securities.
The fact that executives from OpenSea Coinbase and Uniswap now applaud the SEC is a major change. Just a few months ago, crypto execs decried the federal agency because of a perceived lack of transparency and clarity — and because they could have been forced to pay tens of millions in fines.
Uniswap Labs has, however, been already spent “tens of millions” Mary-Catherine Lader, COO of Uniswap Labs and former SEC Commissioner, shared her thoughts on fighting the SEC.
“Massive W for builders,” OpenSea CEO Devin Finzer’s response to the closed cases.
Most responses from crypto fans were overwhelmingly positive — it’s obviously a win for DeFi, and a win for crypto.
Prices of tokens have increased slightly in all sectors since news broke. However, most token prices are still lower than they were in the previous day and week. That suggests sentiment is still a little bearish despite SEC closures of OpenSea probes, Robinhood investigations, Coinbase inquiries, and now Uniswap.
The gaming tokens also follow this trend downward, and have been down from anywhere between 2% to 15 % in the last seven days.
UNI rose a bit in price as soon as the news broke, from $7.87 up to $8.28. This happened within 10 minutes. UNI is valued at over $4.9billion.
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