Uniswap Founder Insults Regulators... Will Backfire ?

The founder of Uniswap criticized the SEC's move, saying that "the SEC is too eager to attack healthy businesses like Coinbase and Uniswap while failing to catch the criminal behavior of companies like FTX."

John Reed Stark, former director of the SEC's Division of Internet Enforcement, pointed out that "blaming the regulator will backfire." "Uniswap is repeating the same playbook as Coinbase," he told X. "I worked in SEC Enforcement for nearly 20 years and served numerous wellsnotes (notices to potential litigants seeking clarification). It amazes me every time I see a company like Uniswap throwing stones and fighting back with nasty and insulting comments to the SEC. These attempts to rally the mob almost always backfire." "Federal securities laws apply equally to everyone. You can't have rules that favor you (the crypto industry) over others."

Meanwhile, Ripple (XRP) Chief Legal Officer Stuart Alderoty poked fun at the SEC, saying that the agency continues to lose its battle against the crypto industry. "A U.S. appeals court has denied the SEC's request for review of a ruling against Aron Govil, CEO of Florida-based mobile application developer Telidyne. The court explained that the SEC cannot impose punitive penalties without proving that investors suffered financial harm."