SEC Drops Another Case: Uniswap Investigation Concludes Without Enforcement

The SEC has dropped a federal investigation into Uniswap Labs, the creator of the world’s largest decentralized crypto exchange, Uniswap UNI/USD.

What Happened: According to people familiar with the matter, as reported by The Wall Street Journal on Tuesday, the Securities and Exchange Commission has concluded its investigation into Uniswap and does not plan to pursue any enforcement actions.

This development comes after Uniswap received a Wells notice from the SEC in April last year, indicating a potential lawsuit over concerns that the exchange was operating as an unregistered securities exchange and that its UNI token might be classified as an unregistered security.

Also Read: Citadel Securities Moves Into Crypto Market-Making Following Trump’s Crypto-Friendly Regulation Push

Why It Matters: The decision to drop the Uniswap investigation follows a series of similar moves by regulators, suggesting a broader shift in the regulatory approach to cryptocurrencies.

On Monday, the SEC agreed to end its investigation into Robinhood‘s HOOD crypto unit without imposing any enforcement action.

Robinhood’s chief legal and compliance officer, Dan Gallagher, stated, “Robinhood Crypto has always operated within federal securities laws and has never facilitated securities transactions.”

Last week, the SEC also dropped its enforcement case against Coinbase, which Coinbase CEO Brian Armstrong described as a “bogus” attack on the cryptocurrency industry.

Armstrong revealed that Coinbase spent over $50 million in external legal fees fighting the case and called for clearer crypto regulations from Congress.

These regulatory developments have had a positive impact on the crypto market. Robinhood’s shares have gained 38% year-to-date, reflecting growing investor confidence in a more favorable regulatory environment for digital assets.

Similarly, Coinbase’s stock has shown resilience, with Armstrong expressing optimism about the future of crypto regulation in the United States.

What’s Next: The shift in regulatory approach aligns with President Donald Trump‘s previously stated plans to support the crypto sector, marking a departure from the enforcement-first strategy under former SEC chair Gary Gensler.

This change has been welcomed by many in the industry who had criticized the previous approach for creating uncertainty rather than providing clear regulations.

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