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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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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Date

05

Month
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21

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2024

Year

12

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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.
Ammori also said that the SEC’s accusation that Uniswap’s interface and wallet are brokers will fail as well, pointing to a recent ruling from a federal judge dismissing the SEC’s claims that the Coinbase Wallet constituted an unregistered securities broker
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.

Related news stories

DeFi exchange Uniswap responded to SEC enforcement (a.k.a Wells notice) notice for Operating as Unregistered Securities Broker and Unregistered Securities Exchange

Sources

Uniswap Fires Back at SEC’s Wells Notice, Calls Out ‘Weak’ Legal Arguments
Uniswap Labs Urges SEC to Drop Pending Enforcement Action in Wells Response

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DeFi exchange Uniswap responded to SEC enforcement (a.k.a Wells notice) notice for Operating as Unregistered Securities Broker and Unregistered Securities Exchange

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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 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.

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