Summary
TLDR: The price of Uniswap’s UNI token dropped 9% after news that the SEC is investigating the decentralized exchange. Uniswap Labs received a Wells notice from the SEC, indicating potential enforcement action. Uniswap is a popular platform for trading cryptocurrencies and the SEC has a history of going after crypto companies for selling unregistered securities.
Key Points
1. The price of Uniswap’s UNI token fell sharply following news that the decentralized exchange was in the crosshairs of the Securities and Exchange Commission, resulting in a 9% drop within an hour.
2. Uniswap Labs, the firm behind the platform, received a Wells notice from the SEC, indicating a potential enforcement action against the company.
3. Uniswap is the biggest decentralized exchange with a 24-hour trading volume of $1.4 billion and has been under investigation by the SEC for allegedly selling unregistered securities.