"If someone is needed to promote crypto compliance, we are the best candidate" - Open letter from the founder of Uniswap

On April 11, the U.S. Securities and Exchange Commission (SEC) warned Uniswap that it planned to take enforcement action against the company. The warning came in the form of a "Wells Notice," which the SEC sends to a company before initiating formal litigation, giving the company a last chance to refute any allegations. The specific nature of the SEC's allegations against Uniswap Labs is not yet known.

In response, Uniswap founder Hayden Adams confirmed on social media that Uniswap Labs had received a warning from the SEC and issued an open letter stating that he would fight back. The following is the summary and compilation of the content of the open letter by BlockBeats:

"I was not surprised by the SEC's warning (Wells Notice), but I was angry and ready to fight back.

I believe that the products we provide are legal and our job is to stand on the right side of history. But it has been clear for some time that the SEC has not been committed to developing clear and informed rules, but has decided to focus on attacking long-term outstanding participants in the crypto field such as Uniswap and Coinbase, while letting bad guys like FTX slip away.

When I first started building Uniswap

When we first started Uniswap, the goal wasn’t to reimagine finance.

It was an experiment in a completely decentralized, fully automated on-chain market. I had no idea if it would work, or if anyone would use it.

Fast forward to today, the Uniswap protocol has processed over $2 trillion in transaction volume. Thousands of teams and developers have forked our code or built on top of it. We’ve built a whole new financial infrastructure that is transparent, fair, secure, and easy to use, powering the entire industry.

All of this is done from the Uniswap Labs team in our New York City office in the United States.

People often ask me why I stay in the United States, and my answer is simple: I believe blockchain is an incredibly powerful technology. Just like the internet, it’s here to stay. So someone needs to solve it, and that someone better be us.

When you build technology that improves people’s lives, you don’t need to hide.

SEC Its self-proclaimed mission is to "protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation," which is a noble mission, but I think Uniswap does a much better job of it today than the SEC.

I am frustrated that the SEC seems more concerned with protecting an opaque system than protecting consumers. We must fight the U.S. authorities to protect our companies and our industry.

This fight will last for years and may go all the way to the Supreme Court, with the future of FinTech and our industry hanging in the balance. If we unite, we can win.

I think freedom is worth fighting for. I think DeFi is worth fighting for, too.

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