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DOGE $0.20 (-1.9%)

SEC Is Attacking the DeFi Sector at Once

SEC_is_investigating_several_companies_in_the_DeFi_sector_at_once
  • SEC started probes on other DeFi Dapp platforms aside from Uniswap
  • 2 week ago SEC chairman, Gary Gensler, promised a crypto crackdown

The US Securities and Exchange Commission (SEC) is reported to have started probes on other DeFi Dapp platforms aside from Uniswap.

According to reports, the US SEC investigation into Uniswap Labs is part of a wider initiative against the DeFi sector. It means regulators are making their way into many platforms in DeFi, other than just the one into Uniswap Labs.

However, the source with data on the subject refused to be cited as the news is private. More so, the source said that the SEC has become increasingly focused on DeFi.

In addition, The Wall Street Journal also noted that SEC experts are studying reports about Uniswap. And also how investors communicate with it. According to the news, the study is still at an early stage. Therefore, there are details as of now.

Based on the SEC website, this procedure does not necessarily lead to any enforcement action. But within its framework, it can, for example, call witnesses to court to testify.

Also, Delphi Labs General Counsel Gabriel Shapiro said that DeFi projects “are starting to receive letters from the SEC. And requests from other regulators.” Further, he said,

Lawyers in this area have known and talked about this for about a month. […] Now everything just becomes public.

The New York Times also reported that the SEC took similar actions in 2017-2018 with respect to the organizers of the ICO.

Note that 2 weeks ago, the chairman of the U.S. SEC, Gary Gensler, promised a crypto crackdown. This is because he believes the industry is “like the Wild West.”

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.