DeFi

Uniswap cites Supreme Court to challenge SEC’s DeFi “exchange” definition

Published

7 months ago

12 July, 2024

Uniswap cites Supreme Court to challenge SEC’s DeFi “exchange” definition

Uniswap strongly urged the United States Securities and Exchange Commission (SECOND) to abandon its attempt to include decentralized finance (DeFi) markets in its definition of an “exchange.”

In a letter On July 9, Uniswap cited a recent Supreme Court decision on the Chevron Doctrinesaying the regulator could no longer use “Chevron deference” to exert power over the crypto industry.

The 40-year-old Supreme Court doctrine allowed administrative agencies like the SEC to interpret laws that Congress had left ambiguous. On June 28, the Supreme Court issued a landmark decision striking down the Chevron Doctrine.

“For better or worse, the Commission will not be able to claim the benefit of Chevron’s deference in defending its aggressive and atextual interpretation of its statutory authority,” Uniswap said.

“There is no reason to waste the Commission’s limited resources on this issue, nor to force industry to do the same.”

Uniswap is a decentralized cryptocurrency exchange (DEX) that runs on the Ethereum blockchain. It allows users to trade various Ethereum-based tokens directly with each other without the need for an intermediary. Uniswap uses an automated market-making (AMM) system, which involves liquidity pools rather than traditional order books, allowing for continuous trading and liquidity provision.

Uniswap had already criticized the SEC’s attempt to broaden its definition of an exchange in June, but now, without the Chevron Doctrine, the SEC’s proposal requires a much stricter interpretation of the law to gain authority over cryptocurrency markets.

“If the Commission goes ahead with its proposed amendments, a supervisory tribunal “will exercise[ing] independent judgment to determine the meaning of [the Exchange Act’s] “The Exchange Act provisions” will likely conclude that the Commission’s interpretation of the Exchange Act stretches the statutory text too much,” Uniswap argued.

Katherine Minarik, Uniswap’s chief legal officer, highlighted on X the Supreme Court’s rejection of deference to Chevron. “For better or worse, the Supreme Court rejected deference to Chevron. The SEC’s proposal was flawed even with that deference — and even more so by today’s standards,” she said.

Today @Uniswap Labs urged the SEC not to move forward with its proposed rulemaking that would dramatically and inappropriately expand the definition of an “exchange” to include DeFi and more.

— Katherine Minarik (@MinarikLaw) July 9, 2024

In April, Uniswap received a Wells Notice from the SEC. Uniswap responded by stating that the SEC’s legal arguments were “weak” and had been “refuted” by the courts.

“The SEC’s aggressive theories are an effort to expand its jurisdiction beyond exchanges to communications technologies – and beyond securities to all markets,” Uniswap said.

Uniswap Responds to SEC Wells Notice, Asks SEC to Drop “Weak” Charges

Uniswap Labs Denounces SEC as ‘Repeat Anti-Crypto Offender’

A Wells Notice, which is typically sent before a formal legal action is initiated. Coinbase and issuer of BUSD Paxos are among the growing list of crypto companies that have received such notifications.

Uniswap Labs received a Wells Notice from the SEC in April warning that the DEX creator may be violating U.S. securities laws by operating an unregistered broker-dealer through its app interface.

Uniswap has issued a 40-page response a month later, saying the SEC was expanding the definitions of securities, exchanges and contracts.

Fuente

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.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

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Fuente

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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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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