el kaka22
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September 08, 2021, 09:54:53 PM |
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It is quite interesting to check something that is decentralized. I mean don't get me wrong Uniswap Lab makes a profit each time there is a swap on that platform, it is a GREAT business where you take absolutely no risk at all, no security, not holding anyone's money, basically you do literally nothing and people swap money between each other while you just sit and make money from the fee.
However it is decentralized, as in they can't do anything about it, it would require the whole community to agree to it, which is why they are not going to be able to change anything since not all people will agree to everything. This means SEC could check into it as much as they want, but they are not going to find anything that Uniswap Lab is doing that hurts the market, that is not just a possible situation in the development part if they checked the code of it.
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BayAngelo
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September 08, 2021, 10:01:46 PM |
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i am optimistic that they will fail. just like the did to ripple. they attacked Ripple with loads of accusations. in the end, they got nothing. The same was done to USDT and bitfinex. they ended up with nothing. crypto is transparent and open to all. Uniswap is the most transparent. been the first platform to introduce the Dex Allowing users to swap tokens without providing informations. The SEC can go on, they will find nothing.
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nelson4lov
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September 08, 2021, 10:53:01 PM |
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~Snipped
What are your views on the cases the SEC has handled frequently so far, comments are invaluable.
If the SEC's intent is only to know how users use the exchange, I have no problem with that but knowing the SED thanks to their past dealings in the crypto space, I'd say there's more to it. It's no longer news that people have been delving into Defi in numbers while utilizing decentralized exchanges and AMM protocols like Uniswap for basically everything a CEX has especially now that regulations and rules on centralized exchanges have become more strict. My opinion is that the SEC would most likely have other intents and that's a bad news for us because they won't stop at Uniswap but proceed to others.
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Sterbens (OP)
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Duelbits.com
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September 09, 2021, 02:14:34 PM |
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~Snipped
What are your views on the cases the SEC has handled frequently so far, comments are invaluable.
If the SEC's intent is only to know how users use the exchange, I have no problem with that but knowing the SED thanks to their past dealings in the crypto space, I'd say there's more to it. It's no longer news that people have been delving into Defi in numbers while utilizing decentralized exchanges and AMM protocols like Uniswap for basically everything a CEX has especially now that regulations and rules on centralized exchanges have become more strict. My opinion is that the SEC would most likely have other intents and that's a bad news for us because they won't stop at Uniswap but proceed to others. And today we're hearing more news about the exchange colony about the SEC targeting projects at Coinbase and Huobi in Thailand being banned. Then what next if almost from a big exchange into a lot of problems. Suspicious transactions, money laundering and back in the context of the diversity of accusations against investors in all exchanges.
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zasad@
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September 09, 2021, 03:06:03 PM |
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FATF wants to ensure that all wallets are verified, and their owners go through the know your client procedure. https://www.fatf-gafi.org/publications/fatfrecommendations/documents/public-consultation-guidance-vasp.htmlIt is very difficult and impossible to do for all cryptocurrencies, but the largest and most famous projects will always be under the supervision of the SEC.
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devil2man
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September 09, 2021, 04:06:21 PM |
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in my opinion the sec is overrated as well as its assumed influence in the rest of the world, they are trying to impose the same aml / kyc restrictions that have been placed at binance but trying to put the mandatory kyc procedure on a defi, decentralized platform seems to me ridiculous
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beerlover
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September 11, 2021, 03:20:23 PM |
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If the SEC's intent is only to know how users use the exchange, I have no problem with that but knowing the SED thanks to their past dealings in the crypto space, I'd say there's more to it. It's no longer news that people have been delving into Defi in numbers while utilizing decentralized exchanges and AMM protocols like Uniswap for basically everything a CEX has especially now that regulations and rules on centralized exchanges have become more strict. My opinion is that the SEC would most likely have other intents and that's a bad news for us because they won't stop at Uniswap but proceed to others.
SEC is basically researching if they could somehow punish and write a ticket. This is nothing more than "let's see if you make money and what way, if we find something wrong then we will punish you with the highest rate we could give you". This is a typical stuff that SEC likes to do, it allows them to assert their power while also earning some money as well. I am not saying that they are useless, they do find real life criminals as well, but we all know wall street jokes about SEC let alone be scared of it. SEC will basically be asking bribes on this, they always do, anything that crypto world does, if you pay enough to SEC then you will get to do it without a problem at all. Even the biggest criminals get away with everything as long as they pay SEC and do not screw over other rich people, those are the two requirements to be a criminal in finance.
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Kavelj22
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September 12, 2021, 07:09:40 PM |
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i am optimistic that they will fail. just like the did to ripple. they attacked Ripple with loads of accusations. in the end, they got nothing. The same was done to USDT and bitfinex. they ended up with nothing. crypto is transparent and open to all. Uniswap is the most transparent. been the first platform to introduce the Dex Allowing users to swap tokens without providing informations. The SEC can go on, they will find nothing.
They know they won't find something about users in a decentralized exchange except by tracing addresses which doesn't require an investigation as all exchange info are public. So this is why they investigate with Uniswap lab Dev claiming to check the performance of the exchange to protect investor's money. It will be nearly impossible to enforce KYC through UniSwap but based on AML policy, SEC always has the access to check and verify everything according to what they think it's beneficial for the global economy of the US. i doubt that they are looking for a portion from the exchange benefit as mentioned in some comments above.
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crzy
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September 12, 2021, 10:49:32 PM |
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in my opinion the sec is overrated as well as its assumed influence in the rest of the world, they are trying to impose the same aml / kyc restrictions that have been placed at binance but trying to put the mandatory kyc procedure on a defi, decentralized platform seems to me ridiculous
They are looking for a bad side actually and an opportunity so they can run after the project, I don’t really think they are just protecting the investors here because its not and we all know how corrupt SEC are. I don’t think this issue will affect that much on UNISWAP as they alreadt answered this, I’m confident they can settle this one.
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speedforce
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September 12, 2021, 11:03:25 PM |
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It's normal for SEC to be that active when there's bunch of money coming in and out to the market and it includes these swaps.
Agree, but i hopes theres no serious action against Uniswap since its will make FUD for entire crypto market. Also if that happens, SEC woulds search more to entire Dex on crypto space.
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V-t.Ester
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September 12, 2021, 11:05:36 PM |
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Such a work SEC has. SEC controls all traders who trade on the territory or trading platform of the United States. They oversight of crypto markets work, monitor of what is happening in different markets, did not they disturb of any laws. As far as I know Uniswap is registered in America. So it's nothing surprising that SEC pays attention to them. They've just checking.
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bhooscream
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September 12, 2021, 11:16:44 PM |
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Honestly SEC shouldn't have any business with exchange like uniswap because it's a decentralized exchange, this is like breaking the rules of Dex
I don't think SEC breaking the rules of DEX, they just ask for certain information about investors and the market mechanisms. Nothing wrong with this, the purpose should be to ensure that the investors are safe enough using Uniswap. As long as SEC don't intervene in Uniswap policy, we cannot call they trying to break DEX rules. Just be calm, mate! What SEC did isn't something big, it shouldn't influence much on Uniswap.
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RussianEnglishTranslation
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September 13, 2021, 06:06:58 AM |
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The SEC could only go after Uniswap if it is a registered company. If they shut it down there are many better decentralized AMMs that will gain market share, like Sushiswap, Ref Finance, and Pancakeswap.
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yurez
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September 13, 2021, 06:34:39 AM |
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It is possible that the SEC will not find any violations and in this case Uniswap will avoid fines or other sanctions. Moreover, Uniswap is ready to provide regulators with the necessary information and cooperate with them in every possible way. But after Uniswap, the SEC will switch to the next crypto exchange.
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bhooscream
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September 13, 2021, 10:33:06 PM |
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If they shut it down there are many better decentralized AMMs that will gain market share, like Sushiswap, Ref Finance, and Pancakeswap.
No need to speculate too far, the SEC only asked the Uniswap team for certain information. Till now, there is no statement from SEC that Uniswap breaks certain rules. I am sure that Uniswap will be fine and SEC will understand the information, then will be no further investigation. Regarding comparing Uniswap with Sushiswap or Pancakeswap, I think Uniswap still has a better reputation. You don't have a reason to claim they are better than Uniswap.
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