Aug 12, 2024 - Business

The SEC has questions for VCs about Uniswap

Dan Primack

Photo: Silas Stein/picture alliance via Getty Images.

Several venture capital funds, including Andreessen Horowitz and Union Square Ventures, have received letters from the SEC over their involvement with decentralized crypto exchange operator Uniswap Labs, per multiple sources.

The big picture: Uniswap Labs has raised over $170 million in VC funding, most recently in late 2022 at nearly a $1.7 billion valuation.

Catch up quick: The company received, and responded to, a Wells Notice earlier this year.

In short, it appears that regulators may accuse Uniswap of being an unregistered exchange.

Zoom in: A bit of irony is that Uniswap is less vertically integrated than is SEC bete noire Coinbase, in that it's not really the broker.

Also worth noting that even if Uniswap Labs was shut down as a company, the actual Uniswap products would keep running.

Add Axios on Google

The SEC has questions for VCs about Uniswap

What to read next