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
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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 it created a technology (protocol) that people use to trade cryptocurrencies, therefore Uniswap does not operate as a securities exchange
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