The U.S. Securities and Exchange Commission (SEC) is facing criticism for its recent enforcement actions against the decentralized crypto exchange Uniswap, which seem to deviate from its own historical guidelines. Adam Cochran of Cinneamhain Ventures has pointed out these inconsistencies, drawing from multiple precedents in SEC’s own archives. Historically, the SEC has issued “No-Action Letters” indicating a more flexible interpretation of what constitutes an exchange. Notable instances include 1986, 1991, and 1997 when entities seeking to establish electronic systems for routing and matching trades were not classified as exchanges. “But the SEC concluded that because the execution was on a
