SEC breaks from past policy guidelines in Uniswap crackdown

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The U.S. SEC Wells notice against Uniswap raises questions about consistency in policy enforcement.

The United States Securities and Exchange Commission (SEC) is contradicting years of its own policy guidelines in the latest action against decentralized crypto exchange Uniswap, said Cinneamhain Ventures’ Adam Cochran. 

In a legal analysis on X (formerly Twitter), Cochran referred to several previous decisions by the U.S. regulator over the definition of an exchange and what it means for Uniswap’s potential legal battle.

The SEC has previously issued No-Action Letters in 1986, 1991, and 1997 for entities seeking guidance on routing and matching trades electronically. According to Cochran, the entities were “looking to establish their first system for routing and matching trades electronically. They were concerned that would make them an “exchange.”

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