Uniswap founder hopes SEC doesn't pursue enforcement as on-chain data shows price spike is on the horizon

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Uniswap founder hopes SEC doesn't pursue enforcement as on-chain data shows price spike is on the horizon
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Uniswap (UNI) gained nearly 3% on Thursday as its founder revealed the decentralized exchange (DEX) has responded to the Securities & Exchange Commission's (SEC) Wells notice.

Uniswap has responded to SEC's Wells notice, according to its founder, Hayden Adams. Adams hopes the SEC will reconsider its enforcement action against Uniswap after recent regulatory wins for the crypto industry. UNI's on-chain data suggests it needs a 50% rally before seeing significant profit-taking amid signs of potential price spike.

Adams also mentioned he's preparing for the worst as the Wells notice still looms over Uniswap. Considering the SEC's approval of spot Ethereum ETFs on May 23 — which many believe removes potential security status from ETH — and the House of Representatives approving the FIT21, many expected the SEC to wind down on previous legal actions targeted at crypto firms.

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