UNI took a dive following the reviews that the US Securities and Exchange Commission (SEC) is investigating the developer of the key decentralized trade Uniswap.
The SEC is wanting into Uniswap Labs as a part of their deeper examination of the digital asset market, and its decentralized facet, according to the Wall Street Journal, citing “individuals aware of the matter.”
Enforcement attorneys are looking for data on the methods during which buyers use Uniswap, in addition to the way it is marketed.
A Uniswap Labs spokesperson advised the WSJ that they’re “dedicated to complying with the legal guidelines and rules governing our business and to offering data to regulators that can help them with any inquiry.”
Uniswap’s personal coin, UNI, dropped by 2% at this time, with the 24-hour chart exhibiting a sudden dive in worth. It is now (11:49 UTC) buying and selling at USD 29.78.
Meanwhile, the coin appreciated 15% in a per week, in addition to over 39% in a month.
This would not come as a too huge of a shock, because the SEC chairman Gary Gensler did counsel final month that the watchdog may search to manage decentralized finance (DeFi) tasks.
Furthermore, the Commission lately partnered with blockchain analytics agency AnChain.AI to assist monitor and regulate the DeFi business.
____
Reactions:
Shhh, some individuals nonetheless suppose decentralization would not matter. https://t.co/iLSLQXzj4B
You should assume every company that’s issued a token in the US has gotten an sec subpoena at this point and it als… https://t.co/QP2QvmYt3s
___
Learn more:
– US Congress Now Aims At Decentralized Services Too
– DeFi Is Not a New Concept and Is Misnamed As Decentralized – SEC Chair
– Forked DEX On Binance Chain Tests Uniswap & Legal Limits
– UNI Outperformed By Competitors After Uniswap Launched Its Third Version
