Uniswap’s UNI Token Rallies After US Securities and Exchange Commission (SEC) Ends Investigation into Uniswap Labs

Uniswap’s UNI token is on a rally after the US Securities and Exchange Commission (SEC) ended its investigation into Uniswap Labs, opting not to pursue any enforcement action

The U.S. Securities and Exchange Commission (SEC) has ended its investigation into Uniswap Labs without any intent for further enforcement action, according to a statement released on Friday.

This decision marks the conclusion of an inquiry that spanned several months and focused on the protocol’s decentralized exchange (DEX) entity.

The SEC’s new leadership has been rolling back the agency’s stance on cryptocurrency after the regulator, under former chair Gary Gensler, announced plans to sue several crypto projects for allegedly offering unregistered securities.

Earlier this week, the regulator announced that it was closing its probes into Coinbase (NASDAQ:) and OpenSea, two key players in the crypto industry.

Uniswap Labs said it was "grateful" for the SEC's decision, which it described as a "relief" for the company and the broader DeFi ecosystem. The protocol also noted its commitment to working constructively with regulators.

"We are committed to operating in a transparent and cooperative manner with regulators around the world as we work together to develop sensible frameworks for emerging financial technologies," a spokesperson for Uniswap Labs said.

Following the announcement, UNI, the native token of Uniswap, saw a 4% daily gain, briefly surpassing US$8 (AU$12). However, those gains quickly vanished due to the broader crypto market pushing prices down.