Unchained Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance? - Ep. 632
Apr 12, 2024
Amanda Tuminelli, Chief Legal Officer at the DeFi Education Fund, dives into the SEC's recent Wells notice against Uniswap. She discusses the implications for decentralized finance and predicts a "kitchen sink approach" from the SEC. Amanda explains how certain Uniswap tokens could be classified as securities and the challenges in proving Uniswap Labs' responsibility. Additionally, she highlights the DeFi Education Fund's lawsuit against the SEC over airdrop regulations and advocates for a proactive legal strategy in addressing regulatory concerns.
AI Snips
Chapters
Transcript
Episode notes
Flawed SEC Theory
- The SEC's argument that a token plus its ecosystem equals an investment contract is flawed.
- This theory lacks boundaries and could incorrectly classify collectibles like Beanie Babies as securities.
DeFi and SEC Jurisdiction
- Judge Failla's Coinbase lawsuit decision, which stated Coinbase Wallet isn't brokerage, contradicts SEC's potential Uniswap stance.
- DeFi, by its nature, falls outside the SEC's jurisdiction.
Crypto Ecosystem Components
- The government wrongly conflates different parts of a crypto ecosystem like protocol, UI, token, and DAO.
- Courts must differentiate these components to avoid misattributing liability, as seen in the Risley v. Uniswap case.