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Ethereum ETF approval confidence stemmed from SEC’s lawsuits. However, things changed recently. Reliable statements suggest SEC’s 180-degree turn, and SEC does not deny it. Why this reversal? Will it affect other crypto cases?
Will the Uniswap Case Be Dropped?
UNI Coin investors are concerned about a pending lawsuit. SEC warned Uniswap in April for violating laws. This is called a Wells Notice. Before taking legal action, SEC issues a warning to indicate potential enforcement.
During the same period, SEC also targeted the Ethereum Foundation and the company behind MetaMask. Now, SEC seems ready to approve ETH ETF. Why this sudden, sharp 180-degree turn? It could be due to the upcoming November elections. Democrats might have realized young crypto investors are a valuable vote bank in swing states.
So, should the war against Uniswap and the Ethereum Foundation stop? Will SEC undermine ETH ETF’s value with lawsuits? What will investors and politicians say?
Uniswap lawyers responded to the Wells Notice. They argue that Uniswap does not fit SEC’s definition of an exchange and is outside their regulatory authority.
“The protocol does not meet your definition of an exchange and is not subject to SEC regulation.”
Uniswap Labs Chief Legal Officer Martin Ammori told reporters on Tuesday that SEC needs to redefine what an exchange is to have jurisdiction over Uniswap. Ammori says Uniswap must be specifically defined for securities trading under the current definition.
“It is general-purpose, and most of its volume comes from Ethereum, Bitcoin, and stablecoins. These are not securities. If necessary, we will go to court and win.”
