April 12, 2024

Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance? - Ep. 632

41 minutes

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On Wednesday, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Uniswap Labs, the team behind the prominent decentralized exchange (DEX) Uniswap, signaling a forthcoming enforcement action.

Amanda Tuminelli, Chief Legal Officer at the DeFi Education Fund, joined Unchained to unpack what the case could mean for Uniswap and the overall decentralized finance (DeFi) industry.

Amanda also talks about the DeFi Education Fund's recent lawsuit against the SEC over its airdrop policies and the industry’s need for a proactive counteroffensive approach in dealing with the SEC.

Show highlights:

Why Amanda thinks that the SEC is going to take a “kitchen sink approach” to their charges

How the SEC could make a case that some of the tokens traded via Uniswap are securities

What the next steps are in the case, with a lawsuit possibly coming soon

Whether there’s an inconsistency between the SEC’s position and Judge Failla’s rejection of the motion to dismiss the Coinbase lawsuit

How the different components of Uniswap make it hard to prove that Uniswap Labs is responsible for everything that happens on the protocol

Why the DeFi Education Fund recently filed a lawsuit against the SEC

Why Amanda believes in a “proactive counteroffensive strategy” with the SEC

How Amanda would like legislation to be implemented in the U.S.

Why the Tornado Cash developers are not liable for the actions of third parties such as North Korean hackers, according to Amanda

Why Amanda thinks Uniswap will ultimately win against the SEC

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Guest

Amanda Tuminelli, Chief Legal Officer at DeFi Education Fund

Previous appearance on Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash

You’ve got a friend in me: How amicus briefs are helping the crypto industry win over the courts, Amanda’s op-ed for Fortune

Links

Wells Notice

Unchained: SEC Puts DeFi in Its Sights With Potential Uniswap Suit

Unchained: UNI Drops 16% as SEC Targets Uniswap Labs

Uniswap Blog Post on the Wells notice

Marvin Ammori Thread on Wells notice

Other cases:

Fortune: Don't blame Uniswap for crypto scams, judge rules—and she's right

The Block: Three crypto advocacy groups file amicus briefs in Tornado Cash developer Roman Storm's case

The DeFiant: SEC Faces Lawsuit Seeking To Exempt Airdrops From Securities Classification

Unchained: Court Rejects Coinbase's Bid to Dismiss SEC Charges Against It

Social media commentary:

Paul Grewal’s tweet on the potential inconsistencies with the Coinbase case.

Gabriel Shapiro’s tweet on how Uniswap AMM smart contracts are not run by the Uniswap company

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By Laura Shin

4.6

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