「If someone needs to drive crypto compliance, then we are the best candidates.」- Open letter from Uniswap founder

On April 11, the U.S. Securities and Exchange Commission (SEC) issued a warning to Uniswap, planning to take enforcement action against the company. The warning was issued in the form of a "Wells Notice," where the SEC sends this notice to a company before initiating formal litigation, providing the company with a final opportunity to refute any charges. The specific nature of the charges against Uniswap Labs by the SEC is not yet known.

 

In response, Uniswap founder Hayden Adams confirmed on social media that Uniswap Labs had received the SEC warning and released a public letter stating their intention to fight back. Below is a compilation and translation of the contents of the public letter by BlockBeats:

 

"I am not surprised by the SEC's warning (Wells Notice), but I am angry and ready to fight back.

 

I believe that the product we provide is legal, and our work is on the right side of history. However, it is clear that for some time, the SEC has not been committed to establishing clear, informed rules but has decided to focus on attacking long-standing participants in the crypto space like Uniswap and Coinbase, while letting the bad actors like FTX slip away."

 

"When I first started building Uniswap, the goal was not to rethink finance."

 

It was an experiment in creating a thoroughly decentralized, fully automated on-chain market. I didn't know if it would work, or if anyone would use it."

 

Fast forward to today, the trading volume of the Uniswap protocol has exceeded $2 trillion. Thousands of teams and developers have forked our code or built on top of it. We have built a brand new financial infrastructure that is transparent, fair, secure, and easy to use, powering the entire industry."

 

All of this was done by the Uniswap Labs team in their office in New York City."

 

People often ask me why I stay in the U.S., and my answer is simple: I believe blockchain is a very powerful technology. Like the internet, it will always exist. So someone needs to solve this problem, and it's best if it's us."

 

When you develop technology that can improve people's lives, you don't need to hide."

 

The SEC claims its mission is to "protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation," which is a noble mission, but I believe Uniswap is doing much better in this regard than the SEC today."

 

What frustrates me is that the U.S. Securities and Exchange Commission seems more concerned with protecting opaque systems than protecting consumers. We must fight against U.S. official agencies to protect our company and industry."

 

This battle will last for years and may even go all the way to the Supreme Court, leaving the future of fintech and our industry uncertain. If we unite, we can win."

 

I believe freedom is worth fighting for. I believe DeFi is also worth fighting for."