Uniswap Labs has formally contested the SEC’s proposal to redefine crypto exchanges under US securities laws to include decentralised finance (DeFi) platforms like Uniswap (CRYPTO:UNI).

Chief Legal Officer Katherine Minarik argued in a letter that the SEC’s move exceeds the boundaries set by the Securities Exchange Act of 1934, citing recent Supreme Court decisions rejecting broad agency interpretations.

The letter emphasises potential legal challenges and inefficiencies posed by the SEC’s proposed rule, suggesting it could lead to unlawful regulatory overreach.

Uniswap's stance reflects broader industry concerns about regulatory clarity and the application of traditional securities laws to decentralised technologies, urging the SEC to reconsider its approach in light of recent legal developments.