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Crypto industry reacts to SEC serving Uniswap with Wells Notice: ‘The war on DeFi has begun’

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The crypto industry took aim at the SEC's decision to target Uniswap Labs, arguing that decentralized finance is 'worth fighting for.'

Uniswap Labs revealed today that the U.S. Securities and Exchange Commission had served it with a Wells Notice, indicating a potential incoming lawsuit. “This is the big one folks,” posted Bankless co-founder Ryan Adams on X. “Massive escalation by the SEC and whitehouse. Uniswap is a poster child for crypto decentralization - instead of celebrating Hayden Adams as a generational entrepreneur they're taking him to court. A war on crypto is a war on the internet.

While the SEC has had some cases involving decentralized organizations, this is the first time it has gone after a major protocol. Many in the crypto industry expressed support for Uniswap and its founder, Hayden Adams. A common theme was the industry’s dislike of SEC Chair Gary Gensler. Some expressed strong support for Uniswap Labs in the case of a potential trial. "I'm sorry you have to fight this battle on behalf of everyone in DeFi, but I couldn't possibly have more confidence in you and your team to prevail," said Jake Chervinsky, chief legal officer at Variant Fund, in a reply to Adams on X.

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