Reports & Analysis

Will the US Stock Exchange Commission’s research on Uniswap usher in a new era in digital currencies?


The US Securities and Exchange Commission (SEC), which oversees the stock market, is said to have recently approached Uniswap, the world’s largest decentralized exchange, to investigate its activities.

to the Report The Bloack, The Wall Street Journal, reported in a report on Friday that the US Securities and Exchange Commission is investigating Uniswap Labs. The Wall Street Journal reports, citing informed sources, that the commission’s lawyers are seeking information about the Uniswap team’s activities and how the company is marketing.

Shortly afterwards, Uniswap Labs told the Wall Street Journal that the company was committed to complying with industry law and was willing to provide such information if such entities were announced.

According to some, the recent actions of the US Securities and Exchange Commission, as well as its talk of decentralized finance or DeFi, mean that it is entering this sector. They say a new era is looming in the legal debate.

What is the story about?

Gabriel Shapiro, chief legal officer of Delphi Labs, said in a statement that he was waiting for the legal barrier to deal with the constituency to be broken.

Lawyers in this area is a month [از شرایط] They are aware and prepared for how to deal with US Securities and Exchange Commission letters and requests from legislators. This has become more public than before.

The Wall Street Journal says that in addition to UniSwap, the U.S. Securities and Exchange Commission’s executive branch recently sent several letters to other startups to review the activities of lending providers.

Sarah Brennan, a digital currency lawyer at Harter Secrest & Emery, says the recent events may indicate a new atmosphere of widespread reaction by the US Securities and Exchange Commission. “It simply came to our notice then.

My feeling tells me that this [اتفاقات] It is part of a broader cleansing; Similar to what happened in 2018 with the ICO.

Expansion of the field of defense

Legislators have not yet realized the importance of defaults, and they do not have comprehensive plans to legislate decentralized exchanges.

Hester Peirce, a member of the US Securities and Exchange Commission, said last year that he expected the defense sector to become a “challenge” for lawmakers. However, according to him, it is not clear whether this area is large enough to attract their attention or not. He said at the time:

[دیفای] It is a large field, but everything is still relative; Therefore, if it gets bigger, it remains to be seen whether it will attract the attention of legislators. It cannot be said that it is not being considered at the moment.

He made the remarks last September (September 1999), when the volume of decentralized exchange transactions reached a record $ 30 billion. In May, the volume of decentralized exchange transactions reached $ 163 billion. Based on these statistics, it can be said that Difai has become bigger and Uniswap is also operating as the biggest name in this industry.

Symptoms

As Defy grew, Gary Gensler was elected chairman of the US Stock Exchange Commission. Given Gansler’s track record in blockchain at Umayyad University, he can be considered a legislator with broader knowledge of digital currencies. This may mean that the US Securities and Exchange Commission’s approach is more systematic, or that it knows where to start in protecting investors.

He had previously suggested that defai might be one of his top priorities. Earlier last month, he told the Aspen Security Forum that there was no room for investor protection in digital currencies. According to him, this atmosphere is full of chaos. Digital currency exchanges, both centralized and decentralized, were the main focus of his speech. According to him, such businesses can accept the laws in this field if the tokens are securities.

The US Securities and Exchange Commission recently announced its first legal agreement in the field of defense with Money Market and two of its operators, Gregory Keough and Derek Acree. In an interview with the Wall Street Journal a few days after the deal, Gensler said defensive projects that reward their subscribers with valuable tokens could still be legislated; Because they are run by several major developers.

Brinnan says Gensler’s words should be taken seriously. According to him, the beginning of the investigation of the US Stock Exchange Commission by Uniswap shows that he is determined to deal with defensive businesses. He added:

Based on the official announcements, especially those made by Gensler before the Epson Summit, I think this is happening. [تحقیق از یونی سواپ] This is an important issue. Strict legislation should be expected from the Gansler-led stock exchange commission, both in terms of approach and in terms of access to research resources.

Fresh is the first way

Jake Chervinsky, Senior Legal Officer at Compund, tweeted:

Investigations do not mean accusations, they just mean how the US Securities and Exchange Commission collects information.

Current research from UniSwap only involves asking developers to provide information voluntarily. No summons has been issued yet. Despite the fact that this investigation was proposed by the executive branch of the US Stock Exchange Commission, it can not be considered an executive action to deal with. In his tweet, Shervinsky states:

[هنوز] These issues should not worry people.

Shapiro believes that any action will take a long time. Asking for information means talking to Moore about how the field works before issues such as illegal actions or even consensus are raised in such cases.

It will take a long time to talk about possible agreements if the US Securities and Exchange Commission wants to take action. This means that it may take months for such an agreement to be reached.

The commission may even be looking for information that keeps it up to date, and for that information it has gone to the biggest name available, Uniswap. However, if there is no executive intention, voluntary applications come at a cost.

Erik Voorhees, founder of ShapeShift, writes:

It should be noted that when a legislator speaks of “collecting” information, it means millions of dollars in legal costs and millions of dollars in damages to the other party. When illegal action is not found, they do not pay compensation for their own mistake, nor do they even apologize.

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