As a part of a larger shift towards crypto-friendly regulation under new leadership, the U.S Securities and Exchange Commission (SEC) concluded its investigation of Uniswap Labs on February 25, 2025, capping a four-year investigation without taking disciplinary action.
The investigation, launched in 2021, evaluated whether Uniswap ran an unregistered securities exchange platform and if its UNI digital token needed an unregistered security designation. In April 2024 Uniswap received a Wells notice which indicated that potential criminal charges could be filed against them. The SEC made this decision after parallel complaints against Coinbase, Robinhood Crypto, and Opensea were settled.
This change takes place as the SEC undergoes new leadership. SEC former head Gary Gensler stepped down from his position as chair in January 2025. Acting Chair Mark Uyeda established a task force to create better crypto rules following his appointment in February 2025.
The platform development at Uniswap Labs can now concentrate on the new Uniswap version four (v4) and other projects because the legal uncertainty is eliminated through this closure. The move generates positive sentiments about decentralized finance (DeFi) together with increased expectations for collaborative regulation that will drive innovation and investment.
The SEC’s position maintains consistency with the new Trump administration’s goal to review existing regulations as their long-term impact remains unknown. The industry hopes that the oversight role of the agency will be accompanied by fewer enforcement-based policy approaches as time goes by.
According to the Coingecko data, Uniswap’s governance token, UNI, increased by about 15.42% from $7.52 to $8.52 after the announcement by the SEC.
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