US SEC Ends Uniswap Investigation Without Enforcement Action

The United States Securities and Exchange Commission (SEC) has officially closed its long-running investigation into Uniswap Labs, the developer behind the Uniswap decentralized exchange. In a February 25 update, Uniswap Labs announced that the regulatory body ended its inquiry without filing any charges.

In April, the SEC issued a Wells notice claiming that Uniswap Labs operated as an unregistered broker, operated an exchange, and issued an unregistered security

As of yesterday, that investigation has officially been closed, and the SEC is taking no enforcement action

This is a…

— Uniswap Labs 🦄 (@Uniswap) February 25, 2025

The investigation, which lasted several years, focused on whether the company operated as an unregistered securities exchange or issued unregistered securities. However, as of publication, the SEC had not released an official statement on the matter.

“A Huge win for DeFi”

Uniswap Labs maintains that its operations comply with all relevant regulations. The company highlighted that its platform enhances market transparency, efficiency, and accessibility.

Additionally, the company has consistently argued that its technology benefits financial markets by eliminating centralized control and allowing users to manage their assets. Following the SEC’s decision, Uniswap Labs believes the broader decentralized finance (DeFi) industry could experience improved regulatory clarity.

“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,” Uniswap Labs stated.

The company also expressed its willingness to collaborate with regulators and policymakers to develop clear guidelines for DeFi. It views open discussions as essential to shaping regulations that align with new financial models.

SEC Takes a More Lenient Approach

Since Mark Uyeda assumed the role of acting SEC chairman, the agency appears to have softened its stance toward crypto firms. Last week, Robinhood Crypto (RHC) also received confirmation that the SEC would not take enforcement action against it.

On February 21, the SEC’s Enforcement Division informed Robinhood that it had closed its investigation. The inquiry originated from a Wells Notice issued in May 2024, which suggested the company’s crypto services might have violated regulations.

The development adds to a growing trend of the SEC stepping back from legal battles with crypto companies. Meanwhile, the financial watchdog and Binance have agreed to temporarily pause their ongoing lawsuit.

On February 14, a federal judge in Washington, D.C., granted a 60-day stay in the case filed against Binance in June 2023. The lawsuit alleged that the exchange and its founder, Changpeng Zhao, mishandled customer funds and engaged in artificial trade volume inflation.