Connect with us

News

Uniswap Labs Denies Crypto Tokens Are Securities in SEC Response

TokenTalk Staff

Published

on

Uniswap Labs Denies Crypto Tokens Are Securities in SEC Response

(Bloomberg) — Uniswap Labs, the creator of the largest decentralized trading platform on Ethereum, said a potential enforcement action against it by the U.S. Securities and Exchange Commission has no merit because crypto tokens are not titles, but rather are simply a form of file such as PDF.

Most read by Bloomberg

The New York-based startup on Tuesday disputed charges that it is operating an unregistered exchange and brokerage. The response came after he announced last month that the SEC’s Enforcement Division had sent a notice to Wells, notifying Uniswap Labs that it intended to recommend legal action against it.

“The SEC’s entire case is based on the false assumption that all tokens are securities,” Marvin Ammori, chief legal officer at Uniswap Labs, said during a Zoom press conference on Tuesday. “Tokens are, in fact, simply a file format. They are a valuable file format and are not inherently securities. The SEC needs to essentially unilaterally change the definitions of exchange, broker, and investment contract to try to capture what we do.”

By suing Uniswap Labs for operating as an unregistered exchange, the SEC would be exposed to “serious risks of an adverse ruling regarding its authority over crypto tokens and precedents that limit the scope of the definition of ‘exchange’ in ways that undermine the pending SEC rulemaking.” in that area,” Uniswap Labs wrote in a 40-page response to the SEC on Tuesday.

“We will have a lawsuit if necessary,” Ammori said. “And if we fight, we will win.”

SEC Chairman Gary Gensler has long said that decentralized exchanges are not truly decentralized and fall under the regulator’s purview. Gensler also said that many digital assets are unregistered securities subject to SEC rules.

In its response, Uniswap Labs argued that UNI tokens, which are Uniswap’s governance token, are not securities because its token distributions do not meet the requirements of the Howey Test, a legal framework based on a Supreme Court ruling which defines investment contracts. He also disputed the SEC’s claim that LP tokens, a special type of token that a user gets when they put money into a pool on Uniswap that helps traders trade different tokens, are securities.

“The LP token is used as an accounting device to track what assets the user has provided to the smart contract and any fees earned on the user’s liquidity,” the company said. “In other words, LP tokens are not issued for investment purposes, but rather as accounting instruments, and are therefore not securities.”

The story continues

Most read by Bloomberg Businessweek

©2024 Bloomberg LP

Fuente

We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Información básica sobre protección de datos Ver más

  • Responsable: Miguel Mamador.
  • Finalidad:  Moderar los comentarios.
  • Legitimación:  Por consentimiento del interesado.
  • Destinatarios y encargados de tratamiento:  No se ceden o comunican datos a terceros para prestar este servicio. El Titular ha contratado los servicios de alojamiento web a Banahosting que actúa como encargado de tratamiento.
  • Derechos: Acceder, rectificar y suprimir los datos.
  • Información Adicional: Puede consultar la información detallada en la Política de Privacidad.

News

Worldcoin Token Rises 12% After Ecuador Expands, Kenya Investigation Closes

TokenTalk Staff

Published

on

Worldcoin token surges 12% after Ecuador expansion and Kenya probe closure

Worldcoin’s WLD token jumped more than 12% to over $3 last day after the project scored significant wins in several jurisdictions.

Worldcoin is a personality-proof crypto project that he took on examination and controversy around the world since its launch thanks to the collection of facial data. These challenges have had a significant impact on the WLD token, which is down more than 70% from March’s all-time high of $11.

However, this week the project recorded crucial milestones for its operations, prompting a recovery in the asset’s value.

Kenya abandons Worldcoin probe

Worldcoin told CryptoSlate that Kenya has ceased its investigation into the project.

In an emailed statement, a Worldcoin spokesperson confirmed that Kenya’s Director of Criminal Investigations (DCI) has closed its investigation into the project’s alleged data collection violations. Thomas Scott, chief legal officer at Tools for Humanity, said:

“We are grateful for the DCI’s impartial investigation and the Director of Public Prosecutions’ determination to close the matter. This welcome result, however, does not represent the end but the beginning. We will continue to work with the Government of Kenya and others and hope to resume ID registration across the country soon.”

This news would be a welcome development for a recent project he agreed to stop its Spanish operations until the end of the year or until the Bavarian Data Protection Authority (BayLDA) makes a final decision regarding the investigation into the company’s data processing practices.

Expansion of Ecuador

Worldcoin on June 19th announced the imminent availability of its global identity verification spheres in six locations in the two Ecuadorian cities of Guayaquil and Quito.

The spheres will begin operating on June 26 in Guayaquil and June 27 in Quito. Starting June 24, Ecuadorians can locate the sphere sites via the Worldcoin website and app.

This expansion is in line with growing global support for humanity-proofing initiatives. According to Worldcoin, a staggering 92% of a recent online survey conducted in Ecuador showed that they support technology-based solutions to differentiate humans from robots online.

The same trend has been observed in other countries, such as Peru and Colombia, where respondents fear that robots could “lead to even greater levels of fraud and disinformation.”

Mentioned in this article

Fuente

Continue Reading

News

Sealana Token Is Claimed to Be the Next Meme Coin to Explode as Pre-Sale Ends in Just 5 Days – Branded Spotlight Bitcoin News

TokenTalk Staff

Published

on

Sealana Token Is Claimed to Be the Next Meme Coin to Explode as Pre-Sale Ends in Just 5 Days – Branded Spotlight Bitcoin News

https://news.google.com/./articles/CBMid2h0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9zZWFsYW5hLXRva2VuLWlzLWJlaW5nLWJhY2tlZC1hcy10aGUtbmV4dC1tZW1lLWNvaW4tdG8tZXhwbG9kZ S1hcy1wcmVzYWxlLWVuZHMtaW4tanVzdC01LWRheXMv0gEA?hl=en-US&gl=US&ceid=US%3Aen

Fuente

Continue Reading

News

Mexican Cartels Using BTC, ETH, USDT, and Other Tokens to Buy Fentanyl Precursors: US Treasury

TokenTalk Staff

Published

on

Mexican Cartels Using BTC, ETH, USDT, and Other Tokens to Buy Fentanyl Precursors: US Treasury

The US Treasury Department’s Financial Crimes Branch has reported the growing use of several crypto assets to support Mexican drug trafficking

The US Treasury Department’s Financial Crimes Branch has reported the growing use of several crypto assets to support Mexican drug trafficking

The US Treasury Department’s Financial Crimes Branch has reported the growing use of several crypto assets to support Mexican drug trafficking

AccessTimeIconJune 20, 2024, 5:08 pm

Updated June 20, 2024, 10:04 pm

US authorities have warned of Mexican cartels using cryptocurrencies to buy precursors to make fentanyl. (Jesse Hamilton/CoinDesk)

Fuente

Continue Reading

News

Bitcoin, Ethereum and Furrever tokens with cutting-edge 10% referral bonus.

TokenTalk Staff

Published

on

Bitcoin, Ethereum and Furrever tokens with cutting-edge 10% referral bonus.

New York City, NY, June 20, 2024 (GLOBE NEWSWIRE) —

Looking to the future of cryptocurrencies, Bitcoin remains strong as the market leader, while Ethereum continues to fascinate meme coin enthusiasts. Now, Furrever token is ready to join the fray. This article looks at what Furrever Token brings to the table alongside these giants.

Bitcoin price continues to fall as whale activity deepens

Bitcoin price fell below $65,000 on Wednesday, after expanded whale exercises that will be offered orders. Meanwhile, hedge funds have experienced a slowdown in the introduction of Bitcoin, which could be fueled by a steady surge in Bitcoin ETFs.

Ethereum ETFs may not cause the price of ETH to rise as many predict

The price of Ethereum (ETH) has risen more than 4% in the past 24 hours after the Securities & Exchange Commission (SEC) abandoned its examinations of Ethereum 2.0 amid the desire for spot ETH ETFs. In any case, subsequent ETH energy ETFs may not lead to the expected price increase.

The Furrever token stands out for its innovative 10% referral program.

The Furrever Token presale has so far raised over $1.3 million, with the project currently at level 9 and aiming for a total of $1.9 million.

Furrever Token offers delightful customer engagement focused on feline-themed symbolism and community-driven engagement. The untapped referral framework allows customers to earn 10% in $FURR tokens for every store created via their individual referral connection, making for a fabulous passive income opportunity. This framework does not incentivize users, but also cultivates the natural development of the community.

Backed by a comprehensive review by Securi Lab, Furrever Token ensures a secure and reliable stage for its customers. The project guide incorporates the progressive integration of feline-themed material and the energy of future shocks, situating it as an interesting and enjoyable speculation within the crypto space.

Don’t miss the opportunity to include Furrever Token in your venture portfolio and get ready to rule the meme coin industry. Visit www.furrevertoken.com to secure your tokens and be part of this crypto space.

Join the Furrever token presale now:

Official website of the Furrever token

Visit the Furrever token presale

Join the official Telegram group

Follow the official X account

Media contact:
Roberto Smith
https://furrevertoken.com/
support@furrevertoken.com

Disclaimer: The information provided in this press release does not constitute a solicitation for investment, nor is it intended as investment advice, financial advice or business advice. We strongly recommend that you practice due diligence, including consulting with a professional financial advisor, before investing in or trading cryptocurrencies and securities.

CONTACT: Robert Smith

support at furrevertoken.com




Fuente

Continue Reading

Trending

Copyright © 2024 TOKENTALK.TOP. All rights reserved. This website provides educational content and highlights that investing involves risks. It is essential to conduct thorough research before investing and to be prepared to assume potential losses. Be sure to fully understand the risks involved before making investment decisions. Important: We do not provide financial or investment advice. All content is presented for educational purposes only.