The US Securities and Exchange Commission (SEC) has made a notable shift in its approach to cryptocurrency since the departure of former Chair Gary Gensler. Recently, the SEC announced that it will no longer pursue its investigation into Uniswap Labs, concluding with no disciplinary measures.

On February 25, 2025, Uniswap Labs proudly shared this news on their social media platform, stating:

“This is a tremendous victory for DeFi and confirms our belief that the technology we develop aligns with legal standards and historical progress.”
Translation: This is a huge win for DeFi and reaffirms what we’ve always known – that the technology we build is on the right side of the law, and our work is on the right side of history.

Furthermore, Uniswap is not alone in experiencing leniency from the SEC. The court case against Ripple Labs has vanished from the SEC’s official website, indicating that under new leadership, many crypto-related lawsuits may be dropped.

Background on the Investigation

The SEC’s scrutiny on Uniswap began with a Wells notice issued on April 10, 2024, which suggested the company operated without proper registration.
Hayden Adams, the inventor of Uniswap, expressed frustration about the lengthy investigation, which lasted over three years, and resulted in significant costs.

Katherine Minarik, Uniswap’s CLO, remarked on the positive outcome, stating:

“It’s gratifying to have the SEC investigation resolved without enforcement action, but the costs associated with numerous investigations in the crypto space cannot be ignored.”
Translation: It’s the right result to have our SEC investigation closed without any enforcement action. But there is no way to unwind the enormous (and unnecessary!) costs of so many other investigations and litigations in crypto.