SEC Drops Investigation Against Uniswap Labs

The US Securities and Exchange Commission has closed its investigation into Uniswap Labs. The company announced this in a blog post on Tuesday. The SEC’s withdrawal follows similar developments in other cases and shows a clear change in the authority’s attitude towards the crypto industry.

“The Securities and Exchange Commission has completed its investigation of Uniswap and plans no further enforcement action,” the Wall Street Journal first reported.

SEC ends several crypto investigations

The decision comes just days after the SEC closed other investigations into Coinbase, OpenSea and Robinhood. Those companies had received similar Wells Notices signaling a possible lawsuit before the SEC closed its investigation.

Uniswap Labs, the leading company behind the world’s largest decentralized crypto exchange, received a Wells Notice in April 2024. The SEC alleged that Uniswap was operating as an unregistered securities exchange and broker-dealer.

Uniswap founder Hayden Adams had spoken out clearly against the SEC at the time: “We are confident that our work is on the right side of history. The SEC should not waste taxpayer money filing a lawsuit against us.”

New direction under Mark T. Uyeda

The SEC’s reversal is another sign that the agency is taking a more crypto-friendly stance under the new leadership of Mark T. Uyeda. Uyeda has appointed Hester Peirce, one of the crypto industry’s most prominent advocates, to lead a new “Crypto Task Force.”

This task force has reportedly begun discussions with several companies previously targeted by the SEC and is working on clear regulatory guidelines for the industry.

Reactions from the crypto community

According to Amanda Tuminelli, Chief Legal Officer of the DeFi Education Fund, the SEC is sending a strong signal with its move:

“It is noteworthy that the commission is formally and publicly ending its investigation into Uniswap Labs. This gives DeFi companies the confidence to refocus on innovation.”

The decision to drop investigations could set a precedent for other decentralized platforms and lay the groundwork for greater regulatory clarity in the U.S.

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