Another action by the United States Securities and Exchange Commission (SEC) under this new crypto-friendly administration has renewed hope for the XRP army about the appeal of the case between the agency and Ripple, the San Francisco-based cross-border payment firm.
In a major development for the cryptocurrency industry, the U.S. SEC has officially ended its investigation into Uniswap Labs without enforcement action.
Uniswap Labs announced this monumental decision on X, and this comes after almost a year of scrutiny surrounding whether Uniswap’s decentralized exchange (DEX) operated as an unregistered securities platform.
The news has been met with optimism among industry participants, many of whom see it as a potential turning point in the SEC’s approach to decentralized finance (DeFi). This dismissal also follows the regulator’s decision to drop its investigation into Robinhood Crypto, suggesting a broader shift in its approach to crypto regulation.
Uniswap Labs first came under investigation in April 2024, when the company received a Wells Notice from the regulator signaling intent to pursue legal action over alleged violations. The SEC accused Uniswap Labs of running an unregistered securities exchange, acting as an unlicensed broker and clearing firm, and offering an unregistered security without proper approval.
However, after a comprehensive review, the agency’s current leadership has determined that the company did not commit any violations. In response to the SEC’s decision, Uniswap Labs’ CEO, Hayden Adams, expressed his relief and optimism.
Adams criticized the initial investigation, stating that the SEC pursued the company despite having “no clear legal basis.” He highlighted the significant resources expended in the investigation, noting that the company had to waste “millions of dollars” addressing the regulatory scrutiny.
Adams also appreciated the new SEC leadership for adopting a more “constructive approach” to the previous administration. Uniswap Labs’ official blog post delved into more details and thanked the current SEC leadership for looking into its case and other pending litigations across the crypto industry.
Ripple Labs has been embroiled in a legal battle with the SEC since December 2020, and this lawsuit is one of the most high-profile cases in the crypto space, as it has set important precedents concerning the status of XRP and other digital assets.
The end of the Uniswap Labs investigation is another major event confirming the SEC’s new pro-crypto stance, and former SEC officials have speculated that the Ripple lawsuit is next on the chopping block.
While the announcement has excited the XRP and UNI communities, it has not significantly impacted Uniswap Labs’ stock price, which is currently up only 0.13% from yesterday. However, the UNI token has seen a notable boost, climbing over 3.5% and experiencing an 86% increase in trading volume.
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