The fight for DeFi continues

Uniswap Labs has responded to a Wells notice it received from the SEC last month, arguing that the SEC should embrace open source technology rather than litigate it out of existence. The company says the Uniswap Protocol is secure, low-cost, transparent infrastructure that has supported $2 trillion in trading volume without a single hack. It contends the SEC's legal theories are weak, asserting that a token is a file format, like a PDF, and that the Protocol is a general purpose program, like TCP/IP. Uniswap Labs says its lawyers are 2-0 in high-profile SEC cases and that it is prepared to fight.