The U.S. Securities and Exchange Commission (SEC) has ended its investigation into Uniswap Labs, the company behind the decentralized exchange Uniswap. This is a change from the SEC’s previous tough approach to crypto enforcement.
In April 2024, Uniswap Labs received a Wells notice from the SEC, warning that the regulator might bring charges against them for operating as an unregistered securities broker and exchange, and for issuing an unregistered security. Uniswap defended its operations and said it would challenge any charges.
On February 25, 2025, Uniswap celebrated the SEC’s decision to drop the investigation, calling it a big win for decentralized finance (DeFi). The company thanked the SEC’s new leadership and said it reflects a more balanced approach to protecting consumers and fostering innovation in the crypto industry. Uniswap’s legal team said the conclusion of the investigation would benefit not only the company but also the wider DeFi community.
This decision follows similar cases being closed, including investigations into other crypto companies like Robinhood, Coinbase, and the NFT marketplace OpenSea.
The SEC’s stance is changing after former Chairman Gary Gensler stepped down in January 2025. Experts, like former SEC official John Reed Stark, have said that the SEC’s decision to reduce enforcement could mean more dismissals, including the high-profile Ripple lawsuit. Stark predicts that the SEC will soon drop its appeal in the Ripple case as it focuses more on regulation. He wrote, “Buckle up XRP Army, the Ripple Appeal Has Got To Be Next on the SEC Chopping Block.”
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