Marvin Ammori, Chief Legal Officer of Uniswap Labs, asserts that neither the Uniswap Protocol, its web app, nor its wallet align with the regulatory definitions of a securities exchange or broker.

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Marvin Ammori, Chief Legal Officer of Uniswap Labs, asserts that neither the Uniswap Protocol, its web app, nor its wallet align with the regulatory definitions of a securities exchange or broker.

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"Uniswap products comply with US law," he tweeted. "We welcome sensible regulations for crypto—and clear rule of law that we expect in the US—not arbitrary enforcement and continued abuse of power. Uniswap Labs is prepared to fight against this abuse. And we’re confident we’ll win."

Ammori said that he believes that Uniswap does not meet the SEC’s current definition of an exchange. He also pointed to a recent ruling in the SEC's case against Coinbase – in which a judge said that Coinbase Wallet was not a broker – as a good sign for Uniswap's ability to beat the SEC on the same charges (the judge ruled that the SEC's other allegations against Coinbase could move forward).

"The Uniswap Protocol, web app, and wallet don’t meet the legal definitions of securities exchange or broker," said Ammori, adding that the protocol welcomes “regulations for crypto – and clear rule of law that we expect in the US – not arbitrary enforcement and continued abuse of power.”

Sources

SEC issues Wells Notice to Uniswap Labs, signaling a likely forthcoming enforcement action

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Key insights from the news event "The issuance of a Wells notice to Uniswap signals possible forthcoming SEC enforcement"