SEC删除对UNISWAP实验室的调查，信号转移加密调节

美国证券交易委员会（SEC）已正式关闭对UNISWAP实验室的调查，而无需采取执法行动

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

美国证券交易委员会（SEC）已正式关闭了对Uniswap Labs的调查，而无需采取任何执行诉讼。

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

该消息是在Defi公司及其创始人海顿·亚当斯（Hayden Adams）对该机构对加密货币法规的方法面临批评之后。

SEC Drops Probe Into Uniswap Labs

SEC将探测器放入UNISWAP实验室

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.

流行的分散交易协议背后的公司Uniswap Labs于2月25日宣布，SEC已将其对公司的多年调查结束。

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

SEC关闭其案件后，UNISWAP（UNI）做出反应。图表：TradingView

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

该调查始于2021年，跨越了三名主席，并看到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的调查重点是主张Unistwap作为未注册的证券经纪和交易所，其Uni代币是未注册的安全性。该公司在整个询问过程中定期保持其不起作者的作用，即根据证券法律，UNISWAP协议既不是交易所或清算机构，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的创始人兼首席执行官在调查期间以SEC的态度击中了他的态度，他将其描述为缺乏确定规则的“任意执行”。

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

他指出，调查对财务和实际上都对业务征税。

“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.

“美国证券交易委员会（SEC）试图断言，UNISWAP实验室发布了未注册的安全性，经营着未注册的经纪人，交换和清算代理商。此后，这些断言被驳回了。”亚当斯在X上的X上说。

“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.”

“我们感谢SEC的新领导层，以密切研究我们行业的执法调查和诉讼，并认识到保护美国消费者的更有效途径。”

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.

在新政府的优先事项中，它将其视为对行政国家的过度膨胀，并恢复对联邦当局的更具有限的愿景。

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

这种态度对加密货币公司来说是很好的，因为缺乏明确的法规一直是该行业的主要争议。

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

今年早些时候，尽管国会为这种产品提供了压倒性的两党支持，但Gensler的领导层仍将SEC推动禁止现场比特币ETF。

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

这是由于美国的亲克赖普托监管转变吗？

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

结束UNISWAP案例反映了其他加密货币公司的类似趋势。

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在驳回对Coinbase待定专员批准的投诉时，最近还关闭了对Robinhood Crypto和NFT平台Opensea的调查。

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

这些事态发展与在领导力变化后对SEC对加密监管的态度的态度显着转变相吻合。

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.

前董事长加里·贡斯勒（Gary Gensler）因对加密货币部门的艰难“执法”方法而闻名，此前唐纳德·特朗普（Donald Trump）就职典礼后一月份辞职。

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.

代理主席马克·乌耶达（Mark Uyeda）在该机构实施的重要改革中，由专员赫斯特·皮尔斯（Hester Peirce）领导的新加密工作组创建，这是透明加密政策的著名拥护者。此外，SEC专用的加密执法团队显然已经解散。

Impact on UNI Token

对Uni令牌的影响

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

尽管市场波动更广泛，但Uniswap的治理令牌UNI/USD的增长幅度不大，宣布后从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观察到，SEC的裁决“使Defi公司更加安慰，以捍卫我们拥抱我们建立分散技术的权利。”

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

封闭式消除了UNISWAP实验室的主要法律歧义，从而使公司能够专注于平台开发，包括其最近宣布的UNISWAP V4。

What’s Next for Uniswap?

uniswap的下一步是什么？

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

与国会和SEC的新领导合作，Adams向Defi独特品质量身定制的更清晰的法规表达了希望。

“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在博客文章中说：“我们感谢SEC的新领导层，以密切研究我们行业中的执法调查和诉讼，并认识到保护美国消费者的更有效途径。”

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.

法规的这种转变似乎与特朗普政府对数字资产的更广泛观点保持一致。进入办公室之前的报告表示，政府可能会审查涉及非欺诈活动的加密执法案件，该案件符合2025年的保守政策框架项目，该项目建议在SEC中消除“监管障碍”。