Uniswap, renowned as the largest decentralized exchange (DEX) globally, is facing heightened scrutiny after receiving a Wells Notice from the U.S. Securities and Exchange Commission (SEC). 

This pre-lawsuit step casts a shadow over the platform, reminiscent of a scenario where the SEC targets a major stock exchange like NASDAQ, raising concerns about the future of decentralized trading in the United States.

The SEC just declared war on crypto.

Uniswap is the LARGEST decentralized exchange (DEX) in existence.

Has over $2 trillion in total volume since its launch in 2018.

Ranked #1 in most metrics including over $6.1B in TVL.

Today Uniswap Labs received a Wells Notice from the… pic.twitter.com/D5G7EWUFD7

— Altcoin Daily (@AltcoinDailyio) April 10, 2024

Since its inception in 2018, Uniswap has dominated the DEX space, boasting over $2 trillion in total volume and holding the top spot across various metrics, including a substantial $6.1 billion in Total Value Locked (TVL).

However, news of the SEC’s Wells Notice has sent shockwaves through the cryptocurrency community, leading to a sharp decline of 12% in the value of its native token, $UNI, within the past hour.

Selling Pressure Hits Uniswap Token, $UNI

On-chain reports reveal additional selling pressure on $UNI, as the Uniswap team and early investors offloaded 15,000 tokens, equivalent to $167,000, at an average price of $11.18. This recent sale adds to a series of disposals, with a total of 265,000 $UNI tokens sold since 2024, amounting to $2.48 million. 

九小时前，Uniswap 团队 / 早期投资者关联钱包在链上出售 1.5 万枚 $UNI ，价值 16.7 万美金，平均卖出价格 $11.18

该地址自 2024 以来已累计卖出 26.5 万枚 UNI，总价值 248 万美金；目前仍持有价值 384 万美金的 UNI

钱包地址 https://t.co/2xfqIP7ql2 ；本条推特由 #Bitget 赞助 pic.twitter.com/9EgxltJPg7

— Ai 姨 (@ai_9684xtpa) April 10, 2024

Despite these sales, the address associated with the team and early investors still holds $UNI tokens valued at $3.84 million.

The SEC’s scrutiny of Uniswap raises concerns about potential regulatory hurdles for decentralized finance (DeFi) platforms and their native tokens. As the situation unfolds, investors and users of Uniswap will closely monitor developments, hoping for clarity on the regulatory landscape and its implications for the future of decentralized trading.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

---

Filed under: Bitcoin - @ April 11, 2024 12:24 am