SEC 針對 DeFi 巨頭 Uniswap 採取重大執法行動

美國證券交易委員會 (SEC) 發布了針對最大去中心化交易所背後的公司 Uniswap Labs 的 Wells 通知。 Uniswap 計劃援引 SEC v. Ripple 對訴訟提出異議，並辯稱在其協議上交易的資產不符合證券的定義。美國證券交易委員會先前曾起訴交易所和專案團隊上市未註冊的證券或發行未註冊的加密代幣。

U.S. Securities and Exchange Commission Targets Uniswap Labs in DeFi Enforcement

美國證券交易委員會在 DeFi 執法中針對 Uniswap 實驗室

New York City, August 16, 2023

紐約市，2023 年 8 月 16 日

In a significant move that signals heightened scrutiny of the decentralized finance (DeFi) sector, the U.S. Securities and Exchange Commission (SEC) has issued a Wells Notice to Uniswap Labs, the company behind the world's largest decentralized exchange (DEX), Uniswap.

美國證券交易委員會(SEC) 向Uniswap Labs 發出了威爾斯通知，Uniswap Labs 是全球最大的去中心化交易所(DEX) Uniswap 背後的公司，這是一項重大舉措，標誌著對去中心化金融(DeFi) 領域的嚴格審查。

The SEC's Wells Notice typically precedes the filing of an enforcement action. In a public statement, Uniswap Labs confirmed receipt of the notice and expressed its determination to defend against potential allegations.

美國證券交易委員會的威爾斯通知通常先於提起執法行動。 Uniswap Labs 在公開聲明中確認收到了該通知，並表示決心對潛在的指控進行辯護。

"This is the latest political effort to target even the best actors in crypto like Uniswap and Coinbase," the company asserted, drawing a parallel to the SEC's lawsuit against Coinbase in June 2023.

該公司聲稱，“這是針對 Uniswap 和 Coinbase 等加密貨幣領域最優秀參與者的最新政治努力”，這與 2023 年 6 月 SEC 對 Coinbase 的訴訟進行了類比。

Uniswap's Decentralized Nature Under Scrutiny

Uniswap 的去中心化性質受到審查

Uniswap Labs, headquartered in New York City, is the primary developer of the Uniswap protocol, which enables permissionless, trustless, and global trading of crypto tokens. However, the SEC's actions suggest that it may view Uniswap's protocol and native token, UNI, as potential securities.

Uniswap Labs 總部位於紐約市，是 Uniswap 協議的主要開發商，該協議支援無需許可、無需信任的全球加密代幣交易。然而，SEC 的行動表明，它可能將 Uniswap 的協議和原生代幣 UNI 視為潛在的證券。

The SEC has a history of taking enforcement actions against exchanges and project teams that allegedly violated securities laws. In the past year alone, the agency has sued several exchanges, including Binance, Coinbase, and Kraken, for illegally listing securities.

美國證券交易委員會有對涉嫌違反證券法的交易所和專案團隊採取執法行動的歷史。僅在過去一年，該機構就起訴了幣安、Coinbase 和 Kraken 等多家交易所非法上市證券。

Uniswap's Legal Defense

Uniswap 的法律辯護

In its statement, Uniswap Labs argued that the assets traded on its protocol are not securities, citing the court decision in SEC v. Ripple. The company also claimed that the UNI token itself does not meet the criteria of the Howey Test, which defines investment contracts as securities.

Uniswap Labs 在聲明中引用 SEC v. Ripple 案的法院判決，辯稱在其協議上交易的資產不是證券。該公司還聲稱，UNI 代幣本身不符合 Howey 測試的標準，該測試將投資合約定義為證券。

Furthermore, Uniswap Labs asserted that the Uniswap protocol, web app, and wallet do not meet the legal definitions of a securities exchange or broker. It argued that current law does not provide the SEC with jurisdiction over self-custodial, on-chain trading decisions.

此外，Uniswap Labs 聲稱 Uniswap 協定、網路應用程式和錢包不符合證券交易所或經紀商的法律定義。它認為，現行法律沒有賦予 SEC 對自我託管的鏈上交易決策的管轄權。

"The Uniswap technology ecosystem is sufficiently decentralized, much like Bitcoin and Ethereum," the company concluded. "We are confident that our products are on the right side of the law."

該公司總結道：“Uniswap 技術生態系統足夠去中心化，就像比特幣和以太坊一樣。” “我們相信我們的產品符合法律。”

Implications for DeFi Industry

對 DeFi 產業的影響

The SEC's action against Uniswap Labs has far-reaching implications for the DeFi industry. It highlights the increasing regulatory scrutiny that DeFi platforms are facing and raises questions about the future of decentralized finance.

SEC 針對 Uniswap Labs 的行動對 DeFi 產業產生深遠影響。它凸顯了 DeFi 平檯面臨的日益嚴格的監管審查，並對去中心化金融的未來提出了疑問。

Industry observers believe that the SEC's focus on Uniswap, a prominent and respected player in the DeFi space, sends a strong message to other DEXs and DeFi projects that they are not immune to regulatory enforcement.

業界觀察家認為，SEC 對 Uniswap 這一 DeFi 領域知名且受人尊敬的參與者的關注向其他 DEX 和 DeFi 計畫發出了強烈的信息，即它們也無法免受監管執法的影響。

The outcome of the SEC's enforcement action against Uniswap Labs will likely have a significant impact on the legal and regulatory landscape surrounding DeFi. It could lead to greater regulatory clarity or potentially stifle innovation in the industry.

SEC 針對 Uniswap Labs 的執法行動的結果可能會對 DeFi 的法律和監管格局產生重大影響。它可能會導致監管更加明確，也可能抑制產業創新。

As the investigation unfolds, industry participants and the wider cryptocurrency community will be closely monitoring the developments to gauge the SEC's approach to DeFi and the potential implications for the future of decentralized finance.

隨著調查的展開，產業參與者和更廣泛的加密貨幣社群將密切關注事態發展，以評估 SEC 對 DeFi 的態度以及對去中心化金融未來的潛在影響。