- SEC drops lawsuit against Coinbase and all investigations against Uniswap
- SEC’s previous investigations accused Uniswap of operating as an unregistered securities broker
- Uniswap’s native token UNI sees a 4.55% increase following the news
This week, the United States Securities and Exchange Commission announced that it would be dropping the lawsuit it had against Coinbase. However, the new SEC directed by Acting Chair Mark Uyeda made news once again, after deciding to drop all investigations against fellow exchange Uniswap.
Back in June of 2023, the SEC had filed a formal ‘Wells Notice” against Uniswap, arguing the firm could be operating as an unregistered securities broker. The SEC led by Gary Gensler also investigated the exchange of facilitating the trade of at least 13 unregistered securities.
Uniswap’s staking services were also on the SEC’s crosshair. Once again, the Commission had argued that the staking program could categorize “unregistered securities offerings”.
The decision to drop investigations was well celebrated by Uniswap. In a blog post, the cryptocurrency firm argued that the development was a “huge win for DeFi”. Uniswap Labs also reinforced that the company operates in full compliance with all applicable laws.
UNI Token Reacts
Following the news, Uniswap’s native token $UNI reacted favorably to the events. According to CoinMarketCap, the asset went from $7.69 to the current $8.32—up 4.55% over the last 24 hours.
This performance is especially significant when looking at the broad performance of digital assets on February 25. Overall, nearly all cryptocurrencies followed Bitcoin’s dip, losing a substantial amount of value over the last trading day.
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