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Chevron decision

Uniswap cites Chevron in another urge for SEC to drop bid to rule over DeFi

Uniswap Labs argues the SEC’s proposed legal amendments to give it power over DeFi are being made against “a legal backdrop that no longer exists.”

Uniswap Labs, the developer behind the Uniswap decentralized exchange, has again pressed the US Securities and Exchange Commission to drop its proposal to rule over decentralized finance (DeFi), citing a recent landmark Supreme Court decision.

Since at least April 2023, the SEC has proposed expanding the definition of what qualifies as an exchange in the Exchange Act of 1934 — explicitly arguing that it should include crypto market participants in DeFi.

Uniswap has been among those arguing against it. In a July 9 letter, Uniswap added further arguments following a comment letter it sent last month, calling for the SEC to drop its proposed amendments.

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