Key Notes
- The US Securities and Exchange Commission (SEC) has officially ended its probe into Uniswap Labs without taking enforcement action.
- The investigation started in April 2024 when Uniswap received a Wells Notice, signaling potential charges.
- The decision follows a trend of case dismissals, with Coinbase and Robinhood also recently cleared of SEC investigations.
The cryptocurrency industry has secured another victory against the United States Securities and Exchange Commission (SEC), as the agency has officially ended its investigation into Uniswap Labs without taking any enforcement action.
On Tuesday, the company behind the popular decentralized exchange (DEX), Uniswap, announced that it is no longer under the SEC’s scrutiny.
In April, the SEC issued a Wells notice claiming that Uniswap Labs operated as an unregistered broker, operated an exchange, and issued an unregistered security
As of yesterday, that investigation has officially been closed, and the SEC is taking no enforcement action
This is a…
— Uniswap Labs 🦄 (@Uniswap) February 25, 2025
A Case That Started Under Gensler’s Administration
The investigation began in April 2024 under former SEC Chair Gary Gensler’ s leadership. At the time, Uniswap Labs disclosed that it had received a Wells Notice from the regulatory agency, indicating its intent to bring enforcement action over alleged violations.
The Commission claimed the company operated an unlicensed securities exchange, engaged in unregistered broker or clearing firm activities, and issued an unregistered security without proper authorization.
However, after a thorough review, the current SEC administration has cleared the company of any wrongdoing. This move follows a broader shift in the agency’s approach, as it has been closing several active cases against crypto firms in recent weeks.
On February 21, Coinbase announced that the SEC had dropped its case against the company. The regulator had previously accused Coinbase of failing to register as a securities exchange, broker-dealer, and clearing agency.
Just yesterday, February 25, online brokerage firm Robinhood revealed that the SEC had also ended its probe into the company without pursuing enforcement actions.
Now, within 24 hours of Robinhood’s case being dismissed, Uniswap Labs has received similar news. The company described the SEC’s decision as a victory for the decentralized finance (DeFi) sector and praised the agency’s new leadership for taking steps to reshape the digital economy.
“We appreciate that the SEC’s new leadership is taking a close look at the pending enforcement investigations and litigations across our industry, not just our own, and has recognized that there is a more effective path to protecting American consumers. The conclusion of our investigation is not only welcome – and just – relief for Uniswap Labs, but also for the broader DeFi community of builders, users, and developers working toward a better financial system for all of us,” Uniswap Labs said in a blog post.
A Shift in US Crypto Policy Under New Leadership
The SEC’s shift in stance comes after the inauguration of Donald Trump as the 47th President of the United States, marking the end of an era that sought to impose strict regulations on the crypto industry.
Although the US still lacks comprehensive regulatory clarity for cryptocurrencies, Trump has issued an executive order directing agencies, including the SEC, the Department of Justice (DOJ), and the Commodity Futures Trading Commission (CFTC), to collaborate on reviewing existing regulations. The goal is to establish new legislation that fosters innovation while ensuring consumer protection.
During his campaign, Trump pledged to turn the US into a global hub for crypto. Part of his campaign promises included adding Bitcoin BTC $89 139 24h volatility: 1.1% Market cap: $1.77 T Vol. 24h: $68.60 B to the nation’s reserves.
This pledge has already influenced several states, including North Dakota, Texas, New Hampshire, Arizona, Alabama, Florida, Massachusetts, Missouri, Ohio, Oklahoma, Pennsylvania, Utah, Kansas, and Wyoming. Many of these states have proposed adding Bitcoin to their reserves, with some allocating as much as 10% of their total holdings to the leading crypto asset.
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