Uniswap Labs revealed today that the U.S. Securities and Exchange Commission had served it with a Wells Notice, indicating a potential incoming lawsuit. “This is the big one folks,” posted Bankless co-founder Ryan Adams on X. “Massive escalation by the SEC and whitehouse. Uniswap is a poster child for crypto decentralization - instead of celebrating Hayden Adams as a generational entrepreneur they're taking him to court. A war on crypto is a war on the internet.
While the SEC has had some cases involving decentralized organizations, this is the first time it has gone after a major protocol. Many in the crypto industry expressed support for Uniswap and its founder, Hayden Adams. A common theme was the industry’s dislike of SEC Chair Gary Gensler. Some expressed strong support for Uniswap Labs in the case of a potential trial. "I'm sorry you have to fight this battle on behalf of everyone in DeFi, but I couldn't possibly have more confidence in you and your team to prevail," said Jake Chervinsky, chief legal officer at Variant Fund, in a reply to Adams on X.