Decentralized crypto exchange Uniswap received a notice from the U.S. Securities and Exchange Commission (SEC) that it intends to pursue an enforcement action, the company disclosed on Wednesday.
Uniswap CEO Hayden Adams announced the receipt of the so-called Wells notice on X, saying he wasn’t surprised, “just annoyed, disappointed, and ready to fight.”
Wells notices are preliminary warnings that inform respondents of the charges the regulator is considering bringing against them. They usually lead to enforcement actions. Though Adams did not say exactly what the SEC has accused Uniswap of doing in his X post, Wells notices sent to crypto companies have, historically, alleged the unregistered offer and sale of securities.
“I am confident that the products we offer are meşru and that our work is on the right side of history,” Adams wrote. “But it’s been clear for a while that rather than working to create clear, informed rules, the SEC has decided to focus on attacking long-time good actors like Uniswap and Coinbase. All while letting bad actors like FTX slip by.”
Adams said that Uniswap will fight the charges.
“I’m frustrated that the SEC seems to be more concerned with protecting opaque systems than protecting consumers. And that we’ll have to fight a US government agency to protect our company and our industry,” Adams wrote. “This fight will take years, may go all the way to the Supreme Court, and the future of financial technology and our industry hangs in the balance. If we stand together we can win. I think freedom is worth fighting for. I think DeFi is worth fighting for.”
An SEC spokesman said the agency “does not comment on the existence or nonexistence of a possible investigation.”