The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into Uniswap Labs, marking another significant shift in the agency’s approach to cryptocurrency regulation under President Trump’s administration.
Uniswap Labs, the creator of Ethereum’s most traded decentralized exchange, is no longer facing legal action from the SEC. This decision follows a broader overhaul of enforcement actions by the agency’s newly formed Crypto Task Force, which has also halted investigations into several other major cryptocurrency firms, including Coinbase, OpenSea, and Robinhood.
SEC’s Case Against Uniswap Ends
Previously, Uniswap faced accusations of facilitating unregistered securities trading, acting as an unregistered broker-dealer, and operating an illegal clearinghouse. The allegations were outlined in a 2024 Wells notice and subsequent lawsuit. However, Uniswap denied the claims, with Chief Legal Officer Marvin Ammori asserting in May that “If forced to litigate, we will win.”
In April 2024, the SEC formally claimed Uniswap Labs operated as an unregistered broker, exchange, and issuer of an unregistered security. However, as of February 25, 2025, the investigation has been officially closed with no enforcement action.
Regulatory Shift and Industry Reaction
Uniswap joins a growing list of cryptocurrency firms receiving relief from SEC scrutiny in 2025. Under its new leadership, the agency has softened its stance on decentralized finance (DeFi) projects, acknowledging the need for clearer legal frameworks. The SEC’s decision to halt enforcement actions against Uniswap and other major crypto firms is seen as a pivotal moment for regulatory clarity in the industry.
Uniswap Labs founder and CEO Hayden Adams criticized the SEC’s previous approach, stating, “They went after us despite having no clear legal basis… attempting to force decentralized finance into a regulatory framework that doesn’t fit.”
Adams further highlighted the impact of the investigation, emphasizing the toll it took on the company and its employees:
“This investigation took over three years, forcing us to waste incredible amounts of time and millions of dollars. It also had a personal impact — federal investigations are violating and stressful to the point where there is a saying among lawyers that ‘the investigation IS the punishment.’ That shouldn’t be the price of innovation in the U.S.”
A Positive Outlook for DeFi Regulation
The closure of Uniswap’s case strengthens the regulatory outlook for decentralized finance, signaling potential reforms in how U.S. authorities approach crypto innovation. With growing calls for a clear legal framework, industry leaders remain hopeful that future policies will support rather than stifle blockchain-based financial solutions.
While Uniswap and other DeFi firms have emerged victorious in these legal battles, the broader crypto industry continues to push for greater clarity in regulations to avoid similar prolonged and costly disputes in the future.
