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SEC Shakedown. The UNI token erased nearly $2B in market capitalization and is down more than 20% off this week’s announcement that the Securities and Exchange Commission (SEC) had sent the Protocol’s developer a Wells Notice. How will impending legal action impact the token going forward?
The specific contents of the Wells Notice were not disclosed, but it most likely informs Uniswap Labs that the SEC is considering filing a formal enforcement action due to potential securities violations involving Uniswap's smart contracts and the UNI token.
This is not the first time that the SEC has targeted a crypto corporation, but the investigation into Uniswap – a decentralized swapping protocol – marks a significant departure from the agency’s past enforcement actions, which have primarily targeted centralized entities and scammers.
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