SEC drops Uniswap investigation without enforcement action
Uniswap maintains its stance on regulation amid evolving legal interpretations in the crypto landscape.
Key Takeaways
- The SEC concluded its Uniswap Labs investigation without taking enforcement action.
- Uniswap Labs successfully argued that its protocol did not qualify as an exchange under current SEC definitions.
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The SEC has ended its investigation into Uniswap Labs without pursuing enforcement action, reported the Wall Street Journal, citing people familiar with the matter.
The decision comes after the SEC issued a Wells notice to Uniswap Labs in April 2024, signaling potential legal action against the creator of the world’s largest decentralized crypto exchange.
The investigation examined whether Uniswap operated as an unregistered securities exchange and if its UNI token represented an illegal securities offering.
In May 2024, Uniswap Labs had contested the SEC’s pending enforcement action, maintaining that the protocol did not qualify as an exchange under regulatory definitions.
Uniswap’s UNI token jumped 4.6% in the last hour but is still down 0.5% over the past 24 hours, according to CoinGecko data.
Uniswap Labs, founded in 2018 by Hayden Adams, released Uniswap v4 in January 2025, expanding the protocol into a developer platform with customizable features.
The latest version underwent security audits and offered a $15 million bug bounty.
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