As a seasoned analyst with over two decades in the financial sector, I have witnessed the ebb and flow of regulatory scrutiny across various industries. In this case, New York State Attorney General Letitia James’ move against Uniswap is reminiscent of a familiar dance – regulators seeking to assert control over emerging technologies that challenge traditional norms.
It’s been reported that New York State Attorney General Letitia James has become part of a regulatory campaign targeting the cryptocurrency trading platform, Uniswap. This information comes from internal communications about the NYAG subpoenas, which have been viewed by CoinDesk and two individuals who are knowledgeable about the matter
Over the past month, I’ve discovered that my office has issued subpoenas to certain venture capital firms who have invested in the Decentralized Finance giant, Uniswap. Among these are Andreessen Horowitz, commonly known as a16z, and Union Square Ventures – two entities from which I’ve received information about this matter
A representative from Uniswap stated via email: “Uniswap Labs, a trailblazer of DeFi technology based in New York, is committed to providing a route for improved and equitable access to financial services. We don’t desire for anyone to face unneeded subpoenas. However, we are open to discussions at any time with any government agency or elected official regarding the future we can create together by promoting responsible innovation in DeFi, particularly within our home state.”
Neither the New York Attorney General’s office nor Union Square Ventures provided a response to our inquiry, and a16z chose not to offer a comment
Independently on a Wednesday, the U.S. Commodity Futures Trading Commission (CFTC) imposed a $175,000 civil fine on Uniswap Labs and instructed them to halt activities that breach the Commodity Exchange Act, as stated in a public announcement
US authorities have been focusing their attention on the cryptocurrency market, especially since the failures of FTX and other crypto companies in 2022. In April 2024, the Securities and Exchange Commission issued a warning, known as a Wells notice, to Uniswap. This notice alleged that the decentralized finance platform was functioning as an unregistered broker for securities and an unregistered exchange for securities without the required legal permissions
The SEC also reportedly recently sent letters regarding Uniswap to a16z and Union Square Ventures.
Previously, Attorney General James has taken legal action against several cryptocurrency entities like Genesis, Gemini, Digital Currency Group, CoinEx, KuCoin, and the founder of Celsius, Alex Mashinsky
A source who has viewed the subpoenas claims that Letitia James appears to be mimicking SEC Chairman Gary Gensler’s approach, using cryptocurrency as a target for criticism in political debates. This observation reflects a common worry within the crypto community about the perception some politicians have towards this industry
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2024-09-04 20:08