Uniswap argued that most trading on its platform doesn’t involve securities, even by the SEC’s own standards. It pointed out that a large portion (65%) of its trading volume involves assets the SEC itself has admitted aren’t securities, like Ether, wrapped Bitcoin, and stablecoins. Additionally, the protocol argued that US securities laws wouldn’t apply to most users since it estimate 75% of them are from outside the US. The marketplace said that even if a few security-like transactions took place on its platform, it isn’t a securities exchange. It said a court wouldn’t see it that way because the platform wasn’t built specifically for those transactions.