In it's response to SEC in regards to enforcement notice (Wells notice) for Operating as Unregistered Securities Exchange and Broker Uniswap claims that it created a technology (protocol) that people use to trade cryptocurrencies, therefore Uniswap does not operate as a securities exchange
Referenced by
The Protocol is a general purpose computer program that anyone can use and integrate, like TCP/IP
Crypto
Quote
DeFi exchange Uniswap responded to SEC enforcement (a.k.a Wells notice) notice for Operating as Unregistered Securities Broker and Unregistered Securities Exchange
Crypto
News story
In their response to the SEC’s Wells notice, Uniswap Labs pushed back against this assertion, arguing that the protocol does not meet the definition of an exchange and is thus not subject to regulation by the SEC. Though Uniswap Labs said it invented the protocol, it said the protocol is now a “passive” technology that people use to trade cryptocurrencies
Crypto
Quote