The SEC (under the previous admin) tried to claim that Uniswap Labs operated an unregistered broker, exchange, and clearing agency, and issued an unregistered security. Those claims have now been dropped. @Uniswap Labs is not a broker. The Uniswap Protocol is not an unregistered exchange or clearing agency or operated by Labs. UNI is not a security. They went after us despite having no clear legal basis, as part of a strategy of arbitrary enforcement to try to force DeFi into a regulatory framework that doesn’t fit—all while refusing to provide clear rules or a path to compliance. This investigation took over 3 years, forcing us to waste incredible amounts of time and millions of dollars. It also had a personal impact — federal investigations are violating and stressful to the point where there is a saying among lawyers that “the investigation IS the punishment.” That shouldn’t be the price of innovation in the US. This is a huge win, not just for Uniswap Labs but for DeFi as a whole. It reaffirms what we’ve said all along: that decentralized technology and self-custody are inherently different from the centralized, intermediated systems they aim to replace. Self-custodied funds, with self-executing code run on public blockchains, are a huge step forward in transparency for financial markets. Slapping regulations aimed at centralized, opaque TradFi markets on top of DeFi simply does not work. I’m grateful that the new SEC leadership is taking a more constructive approach, and I look forward to working with Congress and regulators to help create rules that actually make sense for DeFi – encouraging innovation, improving transparency and access to financial markets, and ensuring that this technology can thrive in the US, instead of being pushed offshore. The best days for DeFi are ahead 🦄