The price of Uniswap's UNI token fell sharply following news that the decentralized exchange was in the crosshairs of the Securities and Exchange Commission.
CoinGecko data shows that UNI has dropped by 9% within an hour and is now trading for $10.15. At one point the price dipped below $10 for the first time since late February, and over the past 24 hours, the drop is closer to 11%.
The token is the 20th biggest digital asset, with a market cap of $7.6 billion. Those who hold enough of the tokens, which run on Ethereum, can vote for proposed changes to the protocol.
The Ethereum Foundation received a "voluntary enquiry from a state authority that included a requirement for confidentiality," according to a commit message posted to GitHub last month.
The foundation didn't name the "state authority" in its GitHub commit message and did not immediately respond to a request from Decrypt for comment.
The news, which was first reported by Coindesk on Wednesday, appears to have flown under the radar since February 26, 2024. That's when Ethereum Foundation frontend...
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Uniswap is a platform allowing people to trade cryptocurrencies. Unlike centralized exchanges like Coinbase, it's a decentralized exchange—it allows anyone with an internet connection to swap tokens.
And Uniswap Labs, the firm behind the platform, said today that it received a Wells notice from the Securities and Exchange Commission.
Today @Uniswap Labs received a Wells notice from the SEC.
I’m not surprised. Just annoyed, disappointed, and ready to fight.
I am confident that the products we offer are legal and that our work is on the right side of history. But it’s been clear for a while that rather than…
A Wells notice is when the top regulator informs a company or individual that it intends to take enforcement action.
The SEC has gone after a number of crypto companies for allegedly selling unregistered securities, and has been investigating Uniswap for years. But its track record in enforcement actions is uneven, with the company's chief legal officer Marvin Ammori pointing out examples of recent overreach by the federal regulator.
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2/ In Ripple, a judge ruled didn’t act “out of a faithful allegiance to the law”
In Grayscale, three judges ruled broke the law in denying a bitcoin ETF, having no “reasonable and coherent” explanation
In our case with @Uniswap, the SEC’s arguments are particularly weak
Coinbase has now overtaken two of the world's largest securities exchanges in terms of transaction revenue, according to a crypto analyst from the private bank Coutts.
The crypto exchange generated $5.75 billion in transaction revenue over the past 12 months, compared to just $4.54 billion for the Nasdaq, where many of the world’s most valuable companies, including Apple, Google, and Microsoft, are traded.
Coinbase also surpassed the Stock Exchange of Hong Kong, the HKEX, which generated $2.67 b...
After several extended reviews since June this year, the Securities and Exchange Commission (SEC) has finally approved the first spot exchange-traded funds combining Bitcoin and Ethereum.
The agency has authorized Nasdaq to list the Hashdex Nasdaq Crypto Index US ETF and the Cboe BZX Exchange to list the Franklin Crypto Index ETF, according to a filing released Thursday.
"The proportion of bitcoin and ether to be held by each Trust will be based on free-float market capitalizations," the filing...
Dogecoin (DOGE) fell 12.4% in the past 24 hours as a broader market decline continues, triggered by the Federal Reserve's latest economic outlook.
The meme coin has dropped to $0.31, while trading volume surged 67% to $10.25 billion as holders repositioned their bags. It's now down 35% from its 2024 high of $0.47.
Despite the pullback, Dogecoin's market capitalization remains at $46.6 billion, maintaining its position as the seventh-largest crypto.
Powell's hawkish comments about higher-than-exp...
