The world's first and largest decentralized exchange Uniswap, with turnover exceeding $2 trillion, has received a so-called Wells notice. This is a letter that the SEC sends out to individuals or firms at the conclusion of an SEC investigation, stating that the SEC plans to take enforcement action against them.
Hayden Adams, the platform's founder, expressed feelings of annoyance and frustration, but remained steadfast in his belief in the legitimacy of Uniswap's proposals.
He criticized the SEC's approach to established defi players such as Uniswap and Coinbase, which allegedly allow uncontrolled actions by others. "It has long been clear that instead of working to create clear, reasonable rules, the SEC has chosen to focus on attacking long-established players," Adams said.
Reflecting on Uniswap's journey, Adams described how the platform emerged as an experimental venture to create radically decentralized, automated networked marketplaces. From the start, Uniswap has become a key part of the defi ecosystem, handling over $2 trillion worth of data and serving as a foundation for thousands of developers and teams.
He emphasized Uniswap's contribution to creating a transparent, fair, secure and accessible financial infrastructure. This growth and innovation has been achieved in the United States, demonstrating the team's commitment to contributing to blockchain technology from its base in New York.
Adams emphasized that he used his platform to highlight his belief in the transformative potential of blockchain and its permanence in the technology sector. He positioned Uniswap as a force for good that aligns with and exceeds the SEC's mission to protect investors and maintain efficient markets.
Despite the looming legal battle that could potentially reach the Supreme Court, Adams remains optimistic about the future of defi and Uniswap's role in it. He concluded by calling for unity and perseverance in the face of regulatory challenges, emphasizing: "If we get our act together, we can win. I think freedom is worth fighting for. I think defi is worth fighting for."
The most interesting thing about defi, is that it doesn't involve any kind of personal identification initially. At its core, decentralized finance is the exact opposite of the banking system. However, the SEC will fight defi as a phenomenon anyway.
A little earlier, the source code and smart contract of UNiswap was published on GitHub, in which programmers found a section about KYC, which greatly excited the community. But there can't be anything unusual about it. A company, headquartered in New York, with a public face in the founder's video cannot be free from laws or even illegal regulatory requirements.
Uniswap is a typical web3 project that is widely accepted by the community and is an alternative to the outdated web2 model that now dominates the web.
Web3 is a generic term for technologies such as blockchain that decentralize the ownership and management of data on the Internet. Most Internet applications are managed by centralized organizations that determine how they store and use end-user data.
But the most ironic thing is that the big tech giants have amicably announced that they are investing huge resources in developing web3 infrastructure. They understand that if this niche is not controlled, all these decentralized innovations threaten their future.
The participation of high-tech and regulators in the fate of web3 projects resembles the legalization of drugs. The state has been fighting drug trafficking for decades, suddenly legalizes it.
A little later the same will happen with web3. You can not control what can not be controlled, especially if it becomes a mass phenomenon.