Uniswap Receives Wells Notice from SEC

The Securities and Exchange Commission (SEC) has issued a Wells notice to the decentralized crypto exchange Uniswap, alerting the company that it intends to take enforcement action.

As a result, Uniswap’s native token, UNI, saw a 9.5% decrease in value. Uniswap CEO Hayden Adams, who expressed disappointment and readiness to fight, shared the notice on X.

Wells notices are typically given prior to enforcement actions and outline the charges being considered.

During a press conference, Uniswap COO Mary-Catherine Lader and Chief Legal Officer Marvin Ammori revealed that the Wells notice accused Uniswap of acting as an unregistered securities broker and exchange, but it is still unclear if UNI is being implicated as a security in the notice.