The US Securities and Exchange Commission (SEC) has issued a Wells notice to decentralized crypto exchange Uniswap.
In response to the SEC's Wells notice, Uniswap's chief legal officer, Marvin Ammori, confirmed on April 10 that the platform had received this formal notice from the regulator.
He argued the SEC has no authority over Uniswap's self-custodied and non-intermediated products and therefore cannot dictate how they must be registered.
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He also criticized the SEC for failing to provide clarity and guidance on the matter, referencing several dissents from SEC commissioners.
A Wells notice is a notice issued by the SEC to inform a company or individual that the regulator's staff intends to recommend enforcement action against them.
This gives the recipient an opportunity to submit a written explanation or argument, known as a "Wells submission," as to why action should not be taken.