Uniswap Receives Wells notice from SEC, Signaling Potential Enforcement Action
Summary:
The US Securities and Exchange Commission (SEC) has forwarded a Wells notice to decentralized exchange Uniswap, according to an announcement by Uniswap's Chief Legal Officer Marvin Aomori. A Wells notice is a formal warning signaling potential enforcement action. Similar notices have previously been received by crypto exchanges Coinbase and Binance. The story is ongoing and will be updated as new information becomes available.
The decentralized exchange, Uniswap, has received a Wells notice from the United States Securities and Exchange Commission (SEC). Marvin Aomori, the Chief Legal Officer for Uniswap, verified the receipt of this notice from the SEC by posting on X, formerly known as Twitter, on the 10th of April. Aomori expressed his disappointment at the notice, but also stated that it wasn't a surprising move by the SEC.
A Wells notice from the SEC is essentially a formal warning issued to a company or individual, alerting them that enforcement action is being considered against them by the regulator's office. Upon receiving the notice, the recipient can write a formal "Wells submission," which is essentially a defense or explanation as to why such an action should not be undertaken against them.
This action taken by the SEC is not unprecedented, with crypto exchanges such as Coinbase and Binance receiving similar warnings in the past. This news story is currently in progress and will be continually updated with further information as it comes to light.
Published At
4/10/2024 10:09:10 PM
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