Uniswap Cites Chevron Case Requesting SEC to Drop Bid on Ruling Over DeFi

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Uniswap Cites Chevron Case Requesting SEC to Drop Bid on Ruling Over DeFi

Uniswap Labs, the developer of decentralized exchange Uniswap, has recently asked the US Securities and Exchange Commission (SEC) to drop its proposal of ruling over the decentralized finance (DeFi) market.

Last year in April 2023, the securities regulator proposed to expand the definition of what would qualify as an exchange as per the Exchange Act of 1934. Back then, the SEC argued that the definition should also include crypto market participants within the DeFi sector.

Uniswap has been opposing the SEC’s demand while arguing against it. In a letter on Tuesday, July 9, Unsiwap added more arguments to its comment letter sent to the SEC last month, thereby calling the SEC to drop its proposed amendments.

In its recent arguments, Uniswap cited the Supreme Court decision on Chevron stating that courts would no longer be required to differ from federal agencies and interpret the ambiguous laws.

Uniswap stated that the US SEC would be wasting “limited resources” by working on amending the definition of “exchange”, a move that was already “l...


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Uniswap Cites Chevron Case Requesting SEC to Drop Bid on Ruling Over DeFi