US SEC to Start an Investigation of Major DeX Uniswap

by in DeFI News

DeFi Uniswap SEC

The US regulatory agency began to investigate Uniswap. The news was published by The Wall Street Journal on September 3.

Related: Gensler: Many DeFi projects cannot be called decentralized

Source of the information is "people familiar with the matter", the media platform says.

As stated in the post, the SEC wants details on how Uniswap Labs arranges users' investments and how it's marketed. Previously, SEC chair Gary Gensler talked about DeFi projects' regulation by the agency. Then he said regardless of how decentralized these projects are, the platforms that give users tokens as a reward or manage suchlike processes could be regulated.

Uniswap Labs commented on the news. A representative of the DEX told the Journal that it is ready to comply with the market regulation rules and the Uniswap Lab team will assist with the search and provide the necessary info.

There is no official announcement from the SEC yet. The regulator didn't comment on the news. The Journal says the inquiry may not lead to any accusations of misconduct and it's just begun. UniSwap is a leading Ethereum-based DeX founded on November 2, 2018. In 2020, the platform launched its native token UNI. Data from DeFi Pulse shows that UniSwap is the sixth DeFi platform by the amount of the locked value. At the time of writing, the DEX’s TVL stands at $7.26 B.