The US SEC body decided to close the Uniswap lawsuit, a big victory for the crypto industry.
Summary
- The American securities regulatory body SEC dropped the Uniswap lawsuit.
- Uniswap CEO Hyden Adams called this development a very big win for the Defi crypto sector.
- People start positive speculations around similar lawsuits filed by the SEC agency.
Uniswap is a top decentralized crypto trading platform that supports the trading of cryptocurrencies on multiple crypto networks, including Ethereum, Arbitrum, and Polygon. In April 2024, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Uniswap Labs for operating an unregistered securities offerings platform without any registration with any financial regulatory body in the US jurisdiction.
On 25 Feb 2024, Uniswap Labs informed the Crypto community that the US SEC body decided to drop the Uniswap case. That means the American securities regulatory body decided not to take any enforcement action against the Uniswap crypto exchange.
According to the Uniswap crypto exchange team, this is a very big win for the Decentralized Finance (Defi) sector.
Uniswap CEO Hyden Adams also shared his happiness as well as his thoughts on the changing crypto regulatory environment in the US jurisdiction.
Hyden said that through the lawsuit the SEC body was trying to pressurize the Defi crypto sector, simultaneously failing to deliver any clear crypto rules.
Furthermore, the Uniswap CEO claimed that the SEC body tried its best in the last three years to force the Uniswap exchange to waste huge amounts of money on unnecessary legal hurdles.
In the end, Hyden said that he is grateful that the new leadership of the US SEC agency is taking the ProCrypto approach to regulate the crypto space. He also said that he would be happy to help Congress & regulators to create better crypto rules & laws.
Following this news the trade price of Uniswap ($UNI) token showed sudden spikes. The current trade price of $UNI tokem is $7.93 & this price level is +1.48% higher over the last 24 hours trading period.
SEC to Drop Multiple Lawsuits
Last week we reported that the US SEC body officially dropped the Coinbase lawsuit. Coinbase CEO Brian Armstrong shared his happiness on this development & called it a big win for the crypto sector.
Now currently, many crypto exchanges, including BinanceUS & Kraken, are waiting to get similar news from the SEC staff, as the SEC agency sued the majority of the top crypto companies in the last couple of years under the leadership of Gary Gensler.
Ripple vs SEC Legal Battle
Amid these good developments around the SEC vs Crypto sector, the majority of the crypto investors started talking about the $XRP lawsuit, which has been active since Dec 2020.
In the XRP lawsuit, San Francisco headquartered blockchain firm Ripple spent millions of dollars to defend against SEC’s charges.
However, the majority of the $XRP coin lovers are speculating that the SEC body may soon announce very good news for this legal battle, but some legal experts shared their opinion on this case and said that the XRP lawsuit may extend up to the next two to three quarters.
Legal experts also believe that the XRP lawsuit is a very key case for the SEC body because it will help the regulatory bodies follow a special approach to classify the crypto assets to impose new crypto rules.
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