DeFi

Uniswap responds to SEC Wells notice

Published

8 months ago

22 May, 2024

Uniswap Labs, the developer behind decentralized exchange Uniswap, has responded to a Wells notice from the U.S. Securities and Exchange Commission (SEC), indicating potential enforcement action against the company.

In a blog post dated May 21, Uniswap criticized the SEC’s legal basis for the opinion, calling it “weak” and saying it was prepared to challenge the case in court if necessary.

Ready for legal battle

The company highlighted the success of its legal team in defending companies such as Grayscale and Ripple against the financial regulator. General Counsel Marvin Ammori argued that the SEC’s filing was fundamentally flawed, based on the assumption that all tokens fall under its jurisdiction as securities.

Uniswap said the SEC should not allocate taxpayer resources to pursue action against the exchange. Despite this, the company is prepared to vigorously contest these accusations.

The response came as the US House of Representatives prepared to vote on the Financial Innovation and Technology for the 21st Century Act, a bill that could redefine the state’s regulatory responsibilities. SECOND and the Commodity Futures Trading Commission (CFTC) regarding cryptocurrency. Uniswap suggested that if this legislation passed, the SEC case could become irrelevant, with the CFTC gaining enforcement authority in certain areas.

Historically, some Wells Notices issued by the SEC to cryptocurrency companies have escalated into large-scale lawsuits, such as the one against Coinbase in March 2023. The SEC has also indicated its intention to pursue enforcement action against trading platform Robinhood in May.

Ammori further claimed that the SEC would likely lose any case against Uniswap, which could harm its future authority over decentralized finance (DeFi), cryptocurrencies and emerging technologies. He compared the situation to early internet laws that hindered innovation.

There is speculation that the SEC’s enforcement actions may be linked to discussions about categorizing Ether as a security. Uniswap facilitates automated token trading on the Ethereum blockchain. Notably, the SEC is expected to make decisions on Ether spot exchange-traded fund applications by May 23.

Source: Uniswap

Confirmation and criticism

The SEC’s issuance of the Wells Notice to Uniswap in April was confirmed by Ammori on social media platform X (formerly Twitter) on April 10. He expressed disappointment but not surprise, criticizing the SEC for its lack of clarity and direction regarding the regulation of Uniswap’s activities. self-depository and non-intermediated products. Ammori noted that the SEC has not provided a framework for how these products should be registered.

A Wells Notice serves as a formal notification from the SEC, informing a company or individual that the regulator’s staff is considering recommending enforcement action. This notice allows the recipient to respond with a written explanation or argument, known as a Wells submission, to contest the proposed action.

The Uniswap operating model

Uniswap, running on the Ethereum blockchain, allows users to trade various cryptocurrencies without traditional intermediaries like centralized exchanges. The SEC has been investigating Uniswap Labs since 2021, and the decentralized exchange has already delisted several tokens due to regulatory pressure.

In its defense, Uniswap Labs argued that it was simply developing the application’s front-end portal, separate from the standalone Uniswap protocol itself, released as public code.

Previous SEC Actions and EU Regulatory Progress

The SEC has already issued similar notices to crypto exchanges Coinbase and Binance, warning them of potential legal action. As the US SEC continues to take legal action against crypto protocols, the European Union is moving forward with its regulation of markets in crypto assets (MiCA), which will also cover decentralized finance (DeFi) protocols and their front-ends.

The EU regulator is tasked with preparing a report by December 30, 2024 to assess the feasibility of specific regulations for the decentralized financial market. This report will examine how decentralized systems, particularly those without a clear issuer or service provider, should be regulated within the region.

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!

Website: https://presale.rollblock.io/

Social networks: https://linktr.ee/rollblockcasino

No spam, no lies, only insights. You can unsubscribe at any time.

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.

Don’t miss a thing – Subscribe to receive email alerts directly to your inbox

Check Price action

follow us on X, Facebook And Telegram

Surf The Daily Hodl Mix

&nbsp

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.

Featured image: Shutterstock/ktsdesign