The U.S. Securities and Exchange Commission (SEC) has officially ended its investigation into Uniswap Labs, the company behind the decentralized exchange Uniswap. This decision marks a major step back from the SEC’s previous aggressive stance on crypto enforcement.
In April 2024, Uniswap Labs had received a Wells notice from the SEC, warning that the regulator might bring charges against them for operating as an unregistered securities broker and exchange, and for issuing an unregistered security. In response, Uniswap defended the legality of its operations and vowed to challenge any charges.
On February 25, 2025, Uniswap celebrated the SEC’s decision to drop the investigation, calling it a major win for decentralized finance (DeFi). The company expressed appreciation for the SEC’s new leadership, stating that the move reflects a more balanced approach to protecting consumers while fostering innovation in the crypto industry. Uniswap’s legal team emphasized that the conclusion of the investigation would not only benefit the company but also offer reassurance to the wider DeFi community.
This decision follows a trend of similar cases being closed, including investigations into other crypto companies like Robinhood, Coinbase and the NFT marketplace OpenSea.
https://twitter.com/JohnReedStark/status/1892711775650361445
The SEC’s evolving stance comes after former Chairman Gary Gensler stepped down in January 2025. Industry experts, like former SEC official John Reed Stark, have noted that the SEC’s decision to scale back enforcement could signal further dismissals, including the high-profile Ripple lawsuit. Stark predicts that the SEC will soon drop its appeal in the Ripple case, as the agency shifts its focus on regulation rather than enforcement. “Buckle up XRP Army, the Ripple Appeal Has Got To Be Next on the SEC Chopping Block,” he wrote.
