Uniswap Foundation: Free Conversions Will Be Implemented Despite SEC Wells Notice

The Uniswap Foundation said that despite the Wells Notice issued by the U.S. Securities and Exchange Commission (SEC), it will still implement free conversions. Uniswap Labs claims that under the current legal classification, the U.S. Securities and Exchange Commission has no authority to regulate its decentralized protocol. It is reported that Uniswap's response this time is very timely because the 21st Century Financial Innovation and Technology Act will be voted on in the House of Representatives after passing the Senate vote. The bill may change the way the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission (CFTC) regulate cryptocurrencies. According to Uniswap, if the proposal for a new fee mechanism is approved at the end of this month, control of the mainnet UniswapV3Factory will be transferred to a specially designed new V3FactoryOwner contract, marking a milestone in Uniswap's decentralized governance. (Cointelegraph)