SEC blow to DeFi altcoin: Its price dropped sharply

The news that the US Securities and Exchange Commission (SEC) is preparing to sue Uniswap caused a sharp decline in the UNI token.

UNI, which was traded at $ 11.21 today, retreated by 10 percent and fell to $ 10 after the last minute development that was reported to the agencies. Thus, the token fell to its lowest level since February.

Hayden Adams, founder of Uniswap, said in his first statement on the subject: “We received a Wells notification from the SEC today. I’m not surprised. I’m just angry and disappointed. “We are ready to fight.” he said.

The SEC is expected to make an official statement regarding the case in the coming days.

The SEC has sued many crypto projects before. The lawsuit filed against Ripple was one of the first. The institution did not get the result it hoped for against Ripple, and the court ruled that XRP sales on the stock exchanges were outside the scope of the investment contract. In addition to crypto projects, the SEC’s lawsuits against exchanges, especially Coinbase, continue.