You want to bring down a warrior? Tackle its horse, which in this case, the pony…
The crypto markets embraced a rather mouth watery inflow today, while Bitcoin touched $50k again, Ethereum hit $4k, Solana continuing its rally and most Altcoin coins including Hive see gains as BTC dominance drops below 40% to 39.9%. The question in my mind was, "Is the long awaited season here" ? Time to FOMO in?...
Just at the verge of drawing a conclusion, I got a slap singing "here comes the FUDs again"
Regulations and regulators sure know how to do their thing, it's obvious that the crypto industry expansion has great gratitude to show to the DeFi space. Defi, having had its stage, managed to control the spotlight, the uncontrollable interests surge towards Defi protocols is definitely something these governmental system should worry about, and I guess they've come to the realization that constantly FUDing bitcoin and it's fossils emissions and shits would get old, they decided, why not attack the pony that's bagging billions of dollars?
According to a recent report, the U.S. Securities and Exchange Commission (SEC) has allegedly started probing the startup that operates the decentralized exchange (dex) Uniswap. The dex platform Uniswap is the largest dex in terms of trade volume with over $10 billion in crypto tokens swapped in the last seven days. Sources from the report also said SEC enforcement is investigating crypto lending applications as well.reports
Uniswap being one of the biggest players in the world of decentralized finance, having brought more value and light to crypto, firstly with its out of the blue airdrop that enriched many, to its continued operations which has aid easy swaps between contract tokens, lending and more, is the SEC nexts focus. Out of $16 billion in a week volume of crypto dexs, Uniswap pulls all $10 billion of that volume, this places it as the most utilized protocol in the world of DeFi.
Although, the SEC is yet to comment on this report from the Wall Street Journal's claims, which states that the SEC enforcement attorneys are probing the dex Uniswap. Uniswap Labs spokesperson however, came up saying;
"[Uniswap is] committed to complying with the laws and regulations governing our industry and to providing information to regulators that will assist them with any inquiry."
The unknown informants told the WSJ that the SEC enforcement officials want to know how Uniswap is marketed, and it wants information on crypto lending applications. The “people familiar with the matter” said that the SEC wants to find out if the dex or lending applications “resisted oversight.” The investigation seems to be a developing story and the WSJ says no allegations have stemmed from the informant’s information
Though the unofficially publicised information from the SEC, when it does get to the public, it's gonna be a SEC attempt to break the industry through its largest dex. References were made towards Uniswaps past decision to remove over 100 tokens from the main interface; the report believes that they were likely unregistered securities which could be a point of attack from the SEC angle…
