Something to keep an eye on for DeFi participants. Pancakeswap $cake and Sushiswap $sushi may be next. Pancackeswap has anon devs, but could be John Doe case or something, ianal U.S. SEC investigates crypto exchange developer Uniswap Labs - WSJ Reuters Sept 3 (Reuters) - The U.S. Securities and Exchange Commission (SEC) is investigating Uniswap Labs, the main developer behind one of the world's largest cryptocurrency exchanges, Uniswap, the Wall Street Journal reported on Friday, citing people familiar with the matter. Enforcement attorneys are looking for more information on how investors use Uniswap and the manner in which it is marketed, the report said. Uniswap did not immediately reply to a Reuters request for comment. SEC's probe into Uniswap Labs comes amid heightened regulatory interest into cryptocurrencies and the digital asset market, with Chair Gary Gensler calling on Congress last month to give the agency more authority to better police crypto trading and lending. Uniswap is a crypto marketplace for decentralized finance or DeFi developers, traders and liquidity providers. DeFi is an open network and works on a peer-to-peer system, where transactions are not routed through a centralized system such as a bank or a brokerage. Gensler in August had called on lawmakers to give the SEC more power to oversee DeFi platforms, which are not regulated in the United States. Reporting by Sohini Podder in Bengaluru; Editing by Vinay Dwivedi
There's at least 450+ DeFi projects. Many outside of the US. If they want to shut it down, they'll need China-like censoring of the internet.
They don't need to, they just need to close down the main marketplace. Bam, problem solved. I get that government wants to intervene, because they want to control, but too much control will stop innovation. On the other hand, people get scammed (they get blinded by the returns of others, so they wanna jump BUT in the end many people lose everything they put in). Some random guy shouldn't be able to create a coin/token/crypto and sell it to the masses without taking any responsibility. That's basically an illegal IPO. There has to be definitely limits and rules on printing, otherwise it'll turn into wild west. So, there are no good choices here, only bad and worse ones.
So a Uniswap representative said the company is “committed to complying with the laws and regulations governing our industry and to providing information to regulators that will assist them with any inquiry", which is about as cliche as it gets under such circumstances.