Uniswap Labs, the software development studio leading contributions to the Uniswap protocol, announced that it will limit access to more than 100 tokens on the Uniswap interface, pressure from the SEC?
Basically, the ad offers little explanation for the move. Simply alluding to an “evolving regulatory landscape.”
In fact, the action also follows similar measures taken for other DeFi protocols, which have access to the Uniswap protocol.
In particular, the full list of tokens was posted by Uniswap Labs here. Also, the list ranges from stocks, options and derivatives in token.
Uniswap Labs imposes restrictions on certain tokens
As stated, Uniswap Labs removed access to a considerable list of tokens from its user interface. With few caveats to Uniswap users.
In this regard, according to the Uniswap Labs blog: «Today, in accordance with the actions taken by other DeFi interfaces, we have made the decision to restrict access to certain tokens. Via app.uniswap.org ».
For its part, Uniswap also explained that only the interoperable interface of the protocol would be updated with the new restrictions. And the protocol itself would remain autonomous and decentralized.
“It is important to emphasize that the Uniswap protocol, unlike the interface, is a set of autonomous, decentralized and immutable Smart Contracts. It provides unrestricted access to anyone with an Internet connection.
However, it can be guessed that the restriction was made in response to recent comments from the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler. Mainly on “security-based” crypto assets.
Pressures from the SEC?
Specifically, Gary Gensler said in a speech to the American Bar Association that share tokens on centralized and decentralized platforms would have to register with the regulator.
“Do not get wrong. It does not matter if it is a stock token, a security-backed stablecoin token, or any other virtual product that provides synthetic exposure to underlying securities. “
In addition, he added: “These platforms, whether in the decentralized or centralized financial space, are implicated by securities laws. And they must function within our regime of values.
What is the decentralized exchange based on Ethereum?
It is worth explaining that Uniswap is a decentralized exchange protocol based on Ethereum, which allows anyone to exchange ERC20 tokens.
This protocol was created by Hayden Adams in 2018. Although, the underlying technology is inspired by ideas of Vitalik Buterin, co-founder of Ethereum.
Additionally, Uniswap is a popular platform for investors looking to access new and emerging DeFi projects.
Finally, Uniswap Labs, indicates in their blog, that in the future they will continue to develop products and contribute to the Uniswap Protocol. In a way that is consistent with the broader DeFi industry values. And thus, provide a secure, transparent and solid financial infrastructure. May it empower users around the world.
I close with this phrase by Honoré de Balzac: «Laws are like spider webs. Through which large flies pass freely. And the little ones get tangled up ».