Uniswap Labs’ Chief Legal Officer Martin Ammori told reporters on Tuesday that the SEC would have to redefine what an exchange is in order to have jurisdiction over Uniswap. Under the current definition, Ammori said, Uniswap would have had to be specifically designed for securities trading. “It is general purpose, and the majority of its volume are obvious non-securities like Ethereum, Bitcoin and stablecoins,” Ammani said, adding that bitcoin, ether and stablecoins account for 65% of the protocol’s trading volume.
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Uniswap Labs Urges SEC to Drop Pending Enforcement Action in Wells Response
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In it's response to SEC in regards to enforcement notice (Wells notice) for Operating as Unregistered Securities Exchange and Broker Uniswap claims that under current definition of an Exchange, it has to be specifically designed for securities trading and in Uniswap case, the majority of volume are obvious non-securities like Ethereum, Bitcoin and stablecoins
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