SEC刪除對UNISWAP實驗室的調查，信號轉移加密調節

美國證券交易委員會（SEC）已正式關閉對UNISWAP實驗室的調查，而無需採取執法行動

The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into Uniswap Labs without planning to take any enforcement action.

美國證券交易委員會（SEC）已正式關閉了對Uniswap Labs的調查，而無需採取任何執行訴訟。

The news comes after the DeFi firm and its founder Hayden Adams faced criticism over the agency’s approach to crypto regulation.

該消息是在Defi公司及其創始人海頓·亞當斯（Hayden Adams）對該機構對加密貨幣法規的方法面臨批評之後。

SEC Drops Probe Into Uniswap Labs

SEC將探測器放入UNISWAP實驗室

Uniswap Labs, the company behind the popular decentralized exchange protocol, announced on February 25 that the SEC had concluded its multi-year probe into the firm.

流行的分散交易協議背後的公司Uniswap Labs於2月25日宣布，SEC已將其對公司的多年調查結束。

Uniswap (UNI) reacts after SEC closes its case. Chart: TradingView

SEC關閉其案件後，UNISWAP（UNI）做出反應。圖表：TradingView

The investigation, which began in 2021, spanned three Chairmen and saw Uniswap Labs receive a Wells notice in April 2024.

該調查始於2021年，跨越了三名主席，並看到Uniswap Labs在2024年4月收到了Wells通知。

The SEC’s probe focused on claims that Uniswap ran as an unregistered securities broker and exchange and that its UNI token is an unregistered security. The corporation regularly maintained throughout the inquiry that it does not function as a broker, that the Uniswap Protocol is neither an exchange or clearing agency under securities law, and that UNI is not a security.

SEC的調查重點是主張Unistwap作為未註冊的證券經紀和交易所，其Uni代幣是未註冊的安全性。該公司在整個詢問過程中定期保持其不起作者的作用，即根據證券法律，UNISWAP協議既不是交易所或清算機構，也不是UNI是安全性的。

Founder and CEO of Uniswap Labs Hayden Adams had hit out at the SEC’s attitude during the probe, which he characterized as “arbitrary enforcement” lacking in defined rules.

Uniswap Labs Hayden Adams的創始人兼首席執行官在調查期間以SEC的態度擊中了他的態度，他將其描述為缺乏確定規則的“任意執行”。

The investigation had seriously taxed the business both financially and practically, he noted.

他指出，調查對財務和實際上都對業務徵稅。

“The SEC sought to assert that Uniswap Labs issued an unregistered security, operated an unregistered broker, exchange and clearing agent. Those assertions have since been dismissed,” Adams said on X in a post.

“美國證券交易委員會（SEC）試圖斷言，UNISWAP實驗室發布了未註冊的安全性，經營著未註冊的經紀人，交換和清算代理商。此後，這些斷言被駁回了。”亞當斯在X上的X上說。

“We're grateful to the SEC's new leadership for closely examining the pending enforcement investigations and litigations across our industry, and for recognizing a more effective path to protect American consumers.”

“我們感謝SEC的新領導層，以密切研究我們行業的執法調查和訴訟，並認識到保護美國消費者的更有效途徑。”

Among the new administration’s priorities is rolling back what it views as an overexpansion of the administrative state and returning to a more limited vision of federal authority.

在新政府的優先事項中，它將其視為對行政國家的過度膨脹，並恢復對聯邦當局的更具有限的願景。

This attitude bodes well for crypto firms, as the lack of clear regulations has been a major point of contention for the industry.

這種態度對加密貨幣公司來說是很好的，因為缺乏明確的法規一直是該行業的主要爭議。

Earlier this year, Gensler’s leadership saw the SEC move to ban spot Bitcoin ETFs despite overwhelming bipartisan support in Congress for such products.

今年早些時候，儘管國會為這種產品提供了壓倒性的兩黨支持，但Gensler的領導層仍將SEC推動禁止現場比特幣ETF。

Is This Due to US’s Pro-Crypto Regulatory Shift?

這是由於美國的親克賴普托監管轉變嗎？

Closing the Uniswap case reflects similar trends at other cryptocurrency firms.

結束UNISWAP案例反映了其他加密貨幣公司的類似趨勢。

While working to dismiss its complaint against Coinbase pending commissioner approval, the SEC has also recently closed investigations into Robinhood Crypto and NFT platform OpenSea.

SEC在駁回對Coinbase待定專員批准的投訴時，最近還關閉了對Robinhood Crypto和NFT平台Opensea的調查。

These developments coincide with what appears to be a notable shift in the SEC’s attitude toward crypto regulation following changes in leadership.

這些事態發展與在領導力變化後對SEC對加密監管的態度的態度顯著轉變相吻合。

Known for his tough “regulation-by- Enforcement” approach against the cryptocurrency sector, former Chairman Gary Gensler stepped down in January following President Donald Trump’s inauguration.

前董事長加里·貢斯勒（Gary Gensler）因對加密貨幣部門的艱難“執法”方法而聞名，此前唐納德·特朗普（Donald Trump）就職典禮後一月份辭職。

Among the significant reforms Acting Chairman Mark Uyeda has implemented at the agency is the creation of a new Crypto Task Force headed by Commissioner Hester Peirce, a noted proponent of more transparent crypto policies. Additionally, the SEC’s dedicated crypto enforcement team has apparently been disbanded.

代理主席馬克·烏耶達（Mark Uyeda）在該機構實施的重要改革中，由專員赫斯特·皮爾斯（Hester Peirce）領導的新加密工作組創建，這是透明加密政策的著名擁護者。此外，SEC專用的加密執法團隊顯然已經解散。

Impact on UNI Token

對Uni令牌的影響

Despite broader market volatility, Uniswap’s governance token UNI/USD saw a modest increase, rising from $7.87 to $8.28 following the announcement.

儘管市場波動更廣泛，但Uniswap的治理令牌UNI/USD的增長幅度不大，宣布後從7.87美元上升到8.28美元。

Chief legal officer of the DeFi Education Fund Amanda Tuminelli observed that the SEC’s ruling “gives DeFi companies additional comfort to pivot from defending to embracing our right to build decentralized tech.”

Defi教育基金的首席法律官Amanda Tuminelli觀察到，SEC的裁決“使Defi公司更加安慰，以捍衛我們擁抱我們建立分散技術的權利。”

The closure removes major legal ambiguity for Uniswap Labs, thus enabling the firm to focus on platform development—including its recently announced Uniswap v4.

封閉式消除了UNISWAP實驗室的主要法律歧義，從而使公司能夠專注於平台開發，包括其最近宣布的UNISWAP V4。

What’s Next for Uniswap?

uniswap的下一步是什麼？

Working with Congress and the new leadership of the SEC, Adams expressed hope for clearer regulations tailored to DeFi’s unique qualities.

與國會和SEC的新領導合作，Adams向Defi獨特品質量身定制的更清晰的法規表達了希望。

“We're grateful to the SEC's new leadership for closely examining the pending enforcement investigations and litigations across our industry, and for recognizing a more effective path to protect American consumers,” Uniswap Labs said in a blog post.

Uniswap Labs在博客文章中說：“我們感謝SEC的新領導層，以密切研究我們行業中的執法調查和訴訟，並認識到保護美國消費者的更有效途徑。”

This shift in regulations seems to align with the broader perspective on digital assets being taken at the Trump administration. Reports prior to entering office indicated the administration might review pending crypto enforcement cases involving non-fraud activity in keeping with the conservative policy framework Project 2025, which advised eliminating “regulatory impediments” at the SEC.

法規的這種轉變似乎與特朗普政府對數字資產的更廣泛觀點保持一致。進入辦公室之前的報告表示，政府可能會審查涉及非欺詐活動的加密執法案件，該案件符合2025年的保守政策框架項目，該項目建議在SEC中消除“監管障礙”。