SEC Ends Investigation Into Uniswap

After dropping the lawsuit against Coinbase and ending their investigations in Robinhood Crypto and Open Sea, now it’s Uniswap turn.

No Enforcement Action Against Uniswap

Uniswap Labs announced that the U.S. Securities and Exchange Commission (SEC) has ended its investigation without taking action. The probe began in April 2024 when Uniswap received a Wells notice¹ under then-SEC Chair Gary Gensler.

“This is a huge win for DeFi² and confirms that our technology complies with the law,” Uniswap stated in a Feb. 25 post.

In April, the SEC issued a Wells notice claiming that Uniswap Labs operated as an unregistered broker, operated an exchange, and issued an unregistered security

As of yesterday, that investigation has officially been closed, and the SEC is taking no enforcement action

This is a…
— Uniswap Labs 🦄 (@Uniswap) February 25, 2025

SEC Shifts Approach to Crypto

The SEC has also closed cases against Coinbase, Robinhood Crypto, and OpenSea, signaling a potential shift in its crypto enforcement strategy.

Regulatory filings suggest that SEC officials recently met with crypto firms to discuss changes in policy. Commissioner Hester Peirce has proposed delaying major regulatory shifts until a Senate-confirmed chair is appointed.

A Broader Policy Change?

With the 2025 presidential administration taking shape, reports indicate that the SEC may pause or withdraw non-fraud-related crypto cases. A Trump-aligned policy plan, known as Project 2025, suggests easing crypto regulations to promote industry growth.

¹ Wells notice – A formal SEC warning that it may take enforcement action.
² DeFi (Decentralized Finance) – Financial services built on blockchain technology without central intermediaries.