DeFi

SEC’s lawsuit against Uniswap is an opening attack on DeFi

Published

7 months ago

2 July, 2024

SEC's lawsuit against Uniswap is an opening attack on DeFi

Uniswap Labs, the Brooklyn-based company primarily responsible for developing the protocol of the same name, is said to have received A notice from Wells indicating that the U.S. Securities and Exchange Commission intends to file a lawsuit. While the decentralized finance (DeFi) giant has said it is “ready to fight” the SEC, indicating its willingness to go to court, the move represents the latest front in the SEC’s years-long battle with the crypto industry.

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And to some extent, this is entirely predictable. Before that, the SEC filed a lawsuit against US exchanges Coinbase and Kraken. In fact, the reason the industry is so familiar with the term “Wells Notice” is that Coinbase received one in the months before the SEC dropped its complaint. But this move also represents a serious escalation in the SEC’s anti-crypto legal barrage.

“Given the SEC’s ongoing lawsuits against Coinbase and others, as well as their complete unwillingness to provide clarity or a path to registration for those operating legally in the United States, we can only conclude that this is the latest political effort to target even the best players building technology on blockchains,” Uniswap said in a blog post announcing the Wells notice.

The SEC’s biggest cryptocurrency cases so far have involved centralized institutions: the aforementioned centralized exchanges Coinbase and Kraken and the company behind the XRP cryptocurrency, Ripple. Suing the organization behind a decentralized protocol like Uniswap is uncharted territory.

Perhaps the closest example in the books would be the The SEC Case Against LBRYwhich created a decentralized alternative to YouTube and was forced to shut down after a lengthy appeals process with the US securities watchdog. The SEC alleges that LBRY sold unregistered securities through a utility token launch and initially sought a $22 million fine, but reduced that amount to $111,000 after acknowledging the company’s financial difficulties.

The ongoing international cases against the Tornado Cash developers could also be instructive, given that those cases in the United States and the Netherlands have become symbols of the responsibility of individuals for how their self-executing code is used after it is made public.

“The SEC is very imaginative in how you can break their rules,” Bill Hughes, senior counsel and director of global regulatory matters at Consensys, told CoinDesk. Part of the problem, presumably, is that Uniswap Labs runs the largest gateway to the Uniswap protocol via uniswap.orgAnother potential concern is the UNI governance token, launched to give users some control over the protocol’s governance, but which could be distorted to look like a securities offering.

The story continues

That said, Hughes doesn’t think the SEC will go after Uniswap token holders or users. “If you’re one of them and you’re a little bit panicked, take a breath and calm down,” he said. said on X“If they were going to sue you as well, then you would get an email from the SEC asking to speak to you on the phone. You won’t get one, so relax.”

Regardless, Hughes suggested that this is likely the biggest attack the SEC will launch against the DeFi industry. The SEC’s move “has been to go after someone in one category and then go after one or two others and then move on to another category… like going after Coinbase and then Kraken. We’ll see if they go after other DEXs.”

CORRECTION (April 11, 2024, 7:44 p.m. UTC): Fixes spelling of Uniswap name in title.

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Related Topics:Reviews of wells the second Uniswap Labs United States Securities and Exchange Commission

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DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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