Uniswap Responds to SEC’s Wells Notice, Argues Tokens Are Not Securities but ‘File Format’ for Value

Uniswap Responds to SEC’s Wells Notice, Argues Tokens Are Not Securities but ‘File Format’ for Value


Uniswap (UNI) is fighting back against the U.S. Securities and Exchange Commission (SEC).

The largest decentralized exchange by trading volume received a Wells Notice from the SEC last month, which indicates the regulator intends to take enforcement actions against the DEX soon.

Marvin Ammori, the chief legal officer at Uniswap Labs, notes that the project submitted an official response to the SEC on Tuesday.

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Ammori argues that the SEC relies on a false assumption that nearly all crypto assets are securities.

“But a token is merely a file format–like a PDF or JPEG. Tokens can represent any value, and overwhelmingly represent commodities (BTC, ETH, stables) & memes & access for useful networks. PDFs are not inherently stock certificates, and tokens are not inherently securities.

Even

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