SEC’s Policy is Not Being Consistent Following Wells Notice Against Uniswap
According to Adam Cochran of Cinneamhain Ventures, the United States Securities and Exchange Commission (SEC) is going against its own established policy guidelines with their recent action against decentralized crypto exchange Uniswap.
In a legal analysis on X (formerly Twitter), Cochran pointed to past decisions made by the SEC regarding the definition of an exchange and its potential implications for Uniswap’s legal defense.
This includes three previous No-Action Letters issued in 1986, 1991, and 1997, where the entities in question sought guidance on the electronic routing and matching of trades.
Despite concerns about being classified as an exchange, the SEC ultimately determined that the use of a separate system for execution did not meet the full definition of an exchange.
