UPDATE 1-US SEC investigates crypto exchange developer Uniswap Labs – WSJ

[ad_1]

(Add a background)

September 3 (Reuters) – The United States Securities and Exchange Commission (SEC) is investigating Uniswap Labs, the main developer of 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 seeking more information on how investors are using Uniswap and how it is marketed, according to the report.

Uniswap did not immediately respond to a request for comment from Reuters.

The SEC investigation into Uniswap Labs comes amid heightened regulatory interest in cryptocurrencies and the digital asset market, with President Gary Gensler calling on Congress last month to give the agency more power to better control crypto trading and lending.

Uniswap is a crypto marketplace for decentralized or DeFi financial developers, traders, and liquidity providers. DeFi is an open network and operates on a peer-to-peer system, where transactions are not routed through a centralized system such as a bank or brokerage.

In August, Gensler called on lawmakers to give the SEC more power to oversee DeFi platforms, which are unregulated in the United States.

Report by Sohini Podder in Bengaluru; Editing by Vinay Dwivedi

[ad_2]