Uniswap Foundation Continues Free Conversion Despite SEC Wells Notice

According to Odaily, the Uniswap Foundation has announced that it will continue to implement free conversions, despite receiving a Wells Notice from the U.S. Securities and Exchange Commission (SEC). Uniswap Labs argues that under current legal classifications, the SEC has no authority to regulate its decentralized protocol. This response from Uniswap is timely, as the '21st Century Financial Innovation and Technology Act' is set to be voted on in the House of Representatives after passing the Senate. This bill could potentially alter the way the SEC and the U.S. Commodity Futures Trading Commission (CFTC) regulate cryptocurrencies. Uniswap also revealed that if a proposal for a new fee mechanism is approved by the end of the month, control of the mainnet UniswapV3Factory will be transferred to a specially designed new V3FactoryOwner contract. This marks a milestone in Uniswap's decentralized governance.