Uniswap fights back against SEC Wells notice.
The SEC's enforcement actions this year have increasingly focused on ethereum and players working in decentralized finance.
"The SEC has to essentially unilaterally change the definitions of exchange, broker, and investment contract in order to try to capture what we do,“ continued Ammori. CNBC reached out to the SEC about the recent batch of Wells notices sent out to crypto firms, and an agency spokesperson declined to comment.
To date, the agency's stance on ether's classification as either a commodity or a security remains uncertain. "Whatever protections they thought they had before are no longer going to be there, and we're going to see a shift in the industry," continued Gerold. "Those are very strange requests from a financial regulator," continued Brookover."I can speak to that, because I used to be in the CFTC's enforcement division and investigated cases myself."
One thing the SEC has been clear on is its classification of bitcoin as a commodity. With ether, the narrative has changed. With the Uniswap Wells notice, for example, a source at the company told CNBC that dealing with the SEC was akin to"talking to a wall." But Uniswap argues that the protocol itself is a general purpose computer program that anyone can use and integrate.
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