Uniswap Labs, the developer behind the Uniswap decentralized exchange, reported that the US Securities and Exchange Commission (SEC) has dropped its probe into the firm.
According to a Feb. 25 X post, the SEC concluded its investigation into Uniswap and has no plans to pursue enforcement action against the firm. The report followed Uniswap’s announcement that it received a Wells notice from the SEC in April 2024 while the commission was under the leadership of then-Chair Gary Gensler.
“This is a huge win for DeFi and reaffirms what we’ve always known – that the technology we build is on the right side of the law, and our work is on the right side of history,” said Uniswap.
Uniswap announcing the SEC closed its investigation on Feb. 25. Source: Uniswap
At the time of publication, the SEC had not made any official announcement regarding Uniswap. However, Coinbase made a similar claim on Feb. 21 that the commission would be closing its case against the crypto exchange roughly two years after being launched. The regulator’s Enforcement Division will also be closing investigations into Robinhood Crypto and OpenSea.
Changing course on crypto in 2025?
According to multiple filings with the SEC, the commission’s crypto task crypto met with representatives of several firms in February as part of efforts to explore potential changes to digital asset regulation. Commissioner Hester Peirce, who leads the task force, suggested that the SEC wait until it has a Senate-confirmed chair to set a different regulatory path.
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However, with the Uniswap action and others, the commission seems to be quickly changing its approach to crypto enforcement. Some experts have suggested that all other SEC cases, including a pending appeal from Ripple Labs following a court judgment, could be paused or withdrawn entirely.
Before US President Donald Trump took office, Reuters reported that the SEC would consider freezing all crypto enforcement cases that did not involve fraud as part of the administration’s change in policy on digital assets. Project 2025, an ultra-conservative policy framework that Trump’s team has largely followed since Jan. 20, suggested that the administration “remove regulatory impediments” at the SEC.
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