Uniswap Labs responds to Wells notice, stating that the SEC's legal lawsuit is full of errors

ChainCatcher news, according to The Block, Uniswap Labs responded to the Wells notice issued by the U.S. Securities and Exchange Commission (SEC), stating that the SEC's legal claims are fundamentally flawed and unfounded, and that the SEC's arguments do not adequately consider the platform's use of commodities and the true meaning of those commodities.

In a press release on Tuesday, Uniswap Labs pointed out that the SEC claims Uniswap DEX acts as an unregistered securities exchange and securities broker-dealer for Uniswap Labs, and that the UNI token constitutes an investment contract. This "radical theory" has exceeded the SEC's jurisdiction. It is believed that the House of Representatives will pass a bill granting the Commodity Futures Trading Commission (CFTC) jurisdiction over digital asset trading.

Uniswap Labs also stated that it believes regulators "should embrace open-source technology to improve outdated business and financial systems, rather than attempting to make them disappear through litigation." Uniswap wrote in its statement, "We believe our work is on the right side of history. The SEC should not use taxpayer money to sue us."