On April 10, Uniswap revealed that it had received a Wells notice from the SEC’s Enforcement Division as part of a wider crackdown on crypto. SEC Chair Gary Gensler has emphasized that most digital assets issued on blockchains are subject to existing financial laws. However, Uniswap argued that tokens are akin to a digital file format and can store various types of value, contending that they are not inherently securities. The company expressed confidence in the legality and transformative nature of their products in a blog post on April 10.
As per DefiLlama, Uniswap is the largest decentralized finance (defi) exchange with over $6.2 billion in total value locked across 16 individual blockchains. Additionally, data from CoinGecko indicated that the decentralized exchange (DEX) handles 22.5% of all cryptocurrency trading volume.
