26-2-2025 – The U.S. Securities and Exchange Commission (SEC) has officially terminated its investigation into Uniswap Labs, the Brooklyn-based company behind the prominent decentralized exchange protocol, according to an announcement released Tuesday. This decision marks a significant reversal from the regulator’s previous enforcement stance against the DeFi platform.
Last April, Uniswap Labs had received a Wells notice—a formal notification that the SEC was preparing to bring charges against the company. The notice had alleged that Uniswap was operating as an unregistered securities broker and exchange, while also claiming the company had issued an unregistered security. Following the notice, Uniswap’s leadership had mounted a public defense of their operations through blog posts and social media statements, asserting the legality of their platform and signaling their readiness to challenge the pending charges.
In April, the SEC issued a Wells notice claiming that Uniswap Labs operated as an unregistered broker, operated an exchange, and issued an unregistered security
As of yesterday, that investigation has officially been closed, and the SEC is taking no enforcement action
This is a…
— Uniswap Labs 🦄 (@Uniswap) February 25, 2025
Uniswap Labs celebrated the development, characterizing it as a “huge win for DeFi” in a social media announcement. In their official blog post published Tuesday, the company elaborated:
“We appreciate that the SEC’s new leadership is taking a close look at the pending enforcement investigations and litigations across our industry, not just our own, and has recognized that there is a more effective path to protecting American consumers. The conclusion of our investigation is not only welcome—and just—relief for Uniswap Labs, but also for the broader DeFi community of builders, users, and developers working toward a better financial system for all of us.”
This decision has resonated positively throughout the decentralized finance sector. Amanda Tuminelli, chief legal officer at the DeFi Education Fund, said that the SEC’s decision “gives DeFi companies additional comfort to pivot from defending to embracing our right to build decentralized tech.”
The closure of the Uniswap investigation appears to be part of a larger pattern of regulatory recalibration at the SEC. Several other high-profile crypto cases have been dropped in recent weeks, including investigations into Robinhood Crypto and NFT marketplace OpenSea. Additionally, according to Coinbase, the SEC has agreed to drop its case against the cryptocurrency exchange, pending final approval from the agency’s commissioners.
This wave of discontinued enforcement actions corresponds with significant leadership changes at the SEC. Former Chairman Gary Gensler, who had become known for his “regulation-by-enforcement” approach to cryptocurrency oversight, stepped down in January 2025. His successor, Acting Chairman Mark Uyeda, has implemented substantial structural changes that signal a friendlier regulatory environment for crypto companies.
Among the most notable changes has been the establishment of a new Crypto Task Force led by Commissioner Hester Peirce, who has long advocated for more innovation-friendly crypto policies. Simultaneously, the agency has disbanded its previous Crypto enforcement unit, further indicating a fundamental shift in its regulatory philosophy toward digital assets.
