U.S. SEC Threatens Enforcement Action Vs Uniswap | Key Points | Apr. 11, 2024

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Welcome to BitPinas Key Points: Easily digestible news in concise formats for easy reading. Let’s check the latest crypto news stories in the last 24 hours in the Philippines and abroad.

Crypto Price Update

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Market News

Bitcoin (BTC) rallied back to the $70,000 mark on Wednesday, bouncing back from its initial dip triggered by the U.S.’s March inflation data, which showed a rise above analysts’ expectations.
- This performance outpaced both U.S. equities and gold, which recorded significant declines in the same timeframe.
The broader cryptocurrency market did not mirror Bitcoin’s recovery, as Polkadot (DOT), Bitcoin Cash (BCH), Near Protocol (NEAR), and Aptos (APT) experienced declines ranging from 5% to 7%.
Following an impressive initial airdrop, the cross-chain protocol Wormhole’s W token has seen a significant decrease in value, dropping over 50% to $0.82 from its launch price of $1.66.
- The majority of this decline occurred steadily throughout the week, with a 4.5% reduction in the last 24 hours alone.
Uniswap also falls 9%, more on this in our feature story next:

Feature News: US SEC moves to sue Uniswap

The U.S. Securities and Exchange Commission (SEC) issued a Wells Notice to Uniswap Labs, which signals an impending enforcement action against the company, the developer of Uniswap decentralized exchange and the UNI token.

What is a Well’s Notice? The notice sent to Uniswap Labs, the entity behind the Uniswap protocol, offers a last chance to counter the SEC’s allegations before formal legal proceedings begin. However, despite this opportunity, the SEC’s long-standing investigation into Uniswap suggests that any response may merely be procedural.

Specific allegations remain undisclosed.

Uniswap responds

Both Uniswap and its founder Hayden Adams said the company will be fighting any legal case from the U.S. SEC. He also said he is confident that all the product they offer are legal.

I am confident that the products we offer are legal and that our work is on the right side of history.

Hayden Adams, Uniswap

Adams said he is frustrated with the U.S. Commission for appearing to be more concerned with protecting “opaque systems than protecting consumers”.

This fight will take years, may go all the way to the Supreme Court, and the future of financial technology and our industry hangs in the balance. If we stand together we can win.

Hayden Adams, Uniswap

DeFi and NFT

In anticipation of the Bitcoin halving event and the initiation of the Runes protocol, the meme cryptocurrency Bitcoin Pups witnessed an extraordinary surge, skyrocketing 1,056% to $41.89 within just a week.
Solana said it is working on an update to help with the network congestion issues.
Eigenlayer is now live on Ethereum mainnet.

Web3 Gaming

Sui is launching a web3 gaming hardware similar to Steam Deck.
Saga debuts with 350 projects.

Noteworthy

An excellent read on the interview of Richard Teng, the CEO of Binance during the Paris Blockchain Week. The company is facing regulatory hurdles as of late in Nigeria and the Philippines. In the former, its employee has been arrested.
BlackRock’s IBIT, a spot bitcoin ETF, is on track to surpass Grayscale as the leading crypto-based investment vehicle.
- In the three months since the introduction of spot bitcoin ETFs, BlackRock’s fund has amassed $18.2 billion in assets under management, nearing Grayscale’s $23.2 billion, despite Grayscale’s higher fee structure and recent AUM losses.

This article is published on BitPinas: Uniswap Receives U.S. SEC Notice Ahead of Legal Action | Key Points | Apr. 11, 2024

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