SEC 针对 DeFi 巨头 Uniswap 采取重大执法行动

美国证券交易委员会 (SEC) 发布了针对最大去中心化交易所背后的公司 Uniswap Labs 的 Wells 通知。 Uniswap 计划援引 SEC 诉 Ripple 案对诉讼提出异议，并辩称在其协议上交易的资产不符合证券的定义。美国证券交易委员会此前曾起诉交易所和项目团队上市未注册的证券或发行未注册的加密代币。

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

美国证券交易委员会在 DeFi 执法中针对 Uniswap 实验室

New York City, August 16, 2023

纽约市，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.

美国证券交易委员会 (SEC) 向 Uniswap Labs 发出了威尔斯通知，Uniswap Labs 是全球最大的去中心化交易所 (DEX) Uniswap 背后的公司，这是一项重大举措，标志着对去中心化金融 (DeFi) 领域的严格审查。

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.

美国证券交易委员会的威尔斯通知通常先于提起执法行动。 Uniswap Labs 在一份公开声明中确认收到了该通知，并表示决心对潜在的指控进行辩护。

"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.

该公司声称，“这是针对 Uniswap 和 Coinbase 等加密货币领域最优秀参与者的最新政治努力”，这与 2023 年 6 月 SEC 对 Coinbase 的诉讼进行了类比。

Uniswap's Decentralized Nature Under Scrutiny

Uniswap 的去中心化性质受到审查

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 总部位于纽约市，是 Uniswap 协议的主要开发商，该协议支持无需许可、无需信任的全球加密代币交易。然而，SEC 的行动表明，它可能将 Uniswap 的协议和原生代币 UNI 视为潜在的证券。

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.

美国证券交易委员会有对涉嫌违反证券法的交易所和项目团队采取执法行动的历史。仅在过去一年，该机​​构就起诉了币安、Coinbase 和 Kraken 等多家交易所非法上市证券。

Uniswap's Legal Defense

Uniswap 的法律辩护

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 在声明中援引 SEC 诉 Ripple 案中的法院判决，辩称在其协议上交易的资产不是证券。该公司还声称，UNI 代币本身不符合 Howey 测试的标准，该测试将投资合约定义为证券。

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 声称 Uniswap 协议、网络应用程序和钱包不符合证券交易所或经纪商的法律定义。它认为，现行法律没有赋予 SEC 对自我托管的链上交易决策的管辖权。

"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."

该公司总结道：“Uniswap 技术生态系统足够去中心化，就像比特币和以太坊一样。” “我们相信我们的产品符合法律。”

Implications for DeFi Industry

对 DeFi 行业的影响

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 针对 Uniswap Labs 的行动对 DeFi 行业产生深远影响。它凸显了 DeFi 平台面临的日益严格的监管审查，并对去中心化金融的未来提出了疑问。

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.

行业观察人士认为，SEC 对 Uniswap 这一 DeFi 领域知名且受人尊敬的参与者的关注向其他 DEX 和 DeFi 项目发出了强烈的信息，即它们也无法免受监管执法的影响。

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 针对 Uniswap Labs 的执法行动的结果可能会对 DeFi 的法律和监管格局产生重大影响。它可能会导致监管更加明确，也可能会抑制行业创新。

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.

随着调查的展开，行业参与者和更广泛的加密货币社区将密切关注事态发展，以评估 SEC 对 DeFi 的态度以及对去中心化金融未来的潜在影响。