SEC Moves To Sue Uniswap in Bid To Hobble Fast-Growing DeFi Sector

The Securities and Exchange Commission warned Uniswap on Wednesday that it intends to bring an enforcement action against the company, which is the leading platform for DeFi -- a segment of the crypto market where traders rely on computer protocols that act as automated market makers for exchanging various tokens. From a report: The warning came in the form of a so-called Wells Notice, which the SEC sends to a company prior to launching a formal lawsuit and which provides it a final opportunity to rebut any allegations. In this case, that process is likely to prove little more than a formality as the agency has reportedly been investigating Uniswap for some time, and is in the midst of a sweeping crackdown of the crypto industry.

Please find a compromise

[Tablizer]

Unregulated "banks" historically became crime havens, so I hope gov't and industry work together to find a decent compromise of regulations to get nimbleness without too much sliminess. I wouldn't bet on it, but sometimes lucky accidents happen.

Re:

[GrumpySteen]

The "industry" has spent the last few years doing absolutely everything it can to hide what it's doing and prevent any regulation. There's no way in hell that they'll work to find a compromise. The only work they'll do is to try to find loopholes where they can continue doing what they've been doing.

Re:

[Gravis Zero]

Unregulated "banks" historically became crime havens, so I hope gov't and industry work together to find a decent compromise of regulations to get nimbleness without too much sliminess.

Here's your compromise: FOLLOW THE LAW.

Re:

[SinisterEVIL]

The problem is a lot of these companies have been asking the SEC to define the laws for this Fintech and the SEC has refused until they got sued and congress stepped in. A judge went as far as calling the SEC criminal in this manner.

Non paywalled link

[w1z7ard]

https://web.archive.org/web/20... [archive.org]

Correct headline

[Baloo Uriza]

SEC Moves To Sue Huckster In Bid To Prevent Ponzi Scheme

Re: Correct headline

[Baloo Uriza]

Anybody who actually believes that is absolutely welcome to fuck around and find out.

Re:

[nyet]

"Cryptocurrencies will bring about a worse financial meltdown than the one they were born from." -Prof. Feynman

LOL ok.

SMTP

[bill_mcgonigle]

Wait until the Post Office finds out about unregulated decentralized letter delivery systems. /Chevron/ can't go down fast enough.

Good luck, fishermen!

Uniswap

[dsgrntlxmply]

For a moment I thought UniSoft System III on Sun-1 boards (no MMU) had become undead.

Deregulated Finance

[bubblyceiling]

Just a scam from the early 1900s