u.today
According to a Friday report by The Wall Street Journal, the U.S. Securities and Exchange Commission has dropped its investigation into Uniswap, the leading automated market maker (AMM).
As reported by U.Today, the SEC informed Uniswap about its intention to take the popular cryptocurrency project to court.
Earlier this month, the agency also dropped its widely covered lawsuit against Coinbase, the most popular centralized exchange in the U.S. On Monday, the agency also ditched its probe into Robinhood Crypto.
"It's a travesty that great companies like Uniswap Labs had to waste so much time and money fighting regulatory overreach," cryptocurrency lawyer Jake Chervinsky commented in response to the most recent development.
Uniswap described the SEC's move as a "huge win" for the decentralized finance (DeFi) sector. According to the company, this reaffirms that the technology behind the project is on "the right side of the law."