According to a recent report, the US Securities and Exchange Commission has allegedly started investigating the startup that operates the decentralized exchange (dex) Uniswap. The Dex platform Uniswap is the largest Dex in terms of trading volume with over $ 10 billion in crypto tokens exchanged in the past seven days. Sources from the report also said the SEC enforcement is also investigating crypto loan applications.
Unnamed sources familiar with the matter say the SEC is investigating Defi Exchange Uniswap
A recent report by Dave Michaels and Alexander Osipovich of the Wall Street Journal (WSJ) claims unnamed sources told the outlet that SEC enforcement attorneys are investigating dex Uniswap Labs. The report reveals that the SEC did not comment on the matter, but a Uniswap Labs spokesman said:
[Uniswap is] undertakes to comply with the laws and regulations applicable to our industry and to provide information to the supervisory authorities to assist them with all inquiries.
The unknown informants told the WSJ that SEC enforcement officials want to know how Uniswap is being marketed and need information on crypto loan applications. Those “familiar with the matter” said the SEC wanted to find out if the index or loan applications “opposed supervision.” The investigation appears to be an evolution, and the WSJ says no allegations came from the informant’s information.
Uniswap controls more than 60% of the Ethereum-based Dex trading volume, Uniswap Labs recently removed 100 tokens
Uniswap is now the largest Dex by trading volume, and with more than a dozen Dex platforms, including Uniswap, grossing $ 16 billion this week, Uniswap had $ 10.3 billion of that volume. Uniswap dominated 65.1% of the total Dex trading volume (Ethereum-Dex platform volume only) on Friday morning (EST), according to statistics from Dune Analytics.
News of Uniswap Labs’ alleged investigation follows the flak the company received in late July for removing 100 tokens from the main user interface. At the time, it was believed that some of the 100 tokens listed could be classified as unregistered securities by US regulators. “These tokens always represented a very small part of the total volume of the Uniswap protocol,” Uniswap Labs wrote at the time.
The story of the SEC’s alleged investigation of the world’s largest Dex application is still developing, and we promise to keep our readers updated with the latest information on the matter.
What do you think of the report that says the SEC may be investigating the world’s largest Dex platform, Uniswap? Let us know what you think on this matter in the comments below.
Tags in this story
100 Tokens Away, Crypto Lending, Dex Application, Dex Trades, Regulation, Regulator, SEC, SEC Enforcement, Trade Volume, Trades, Uniswap, Uniswap Labs, Uniswap Protocol, WSJ, WSJ Reporter
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.