- The robust rebuttal from Uniswap against the SEC’s allegations has sent shockwaves through the crypto market.
- The price of Uniswap (UNI) surged to a high of $9.67 following the news of the tough response.
- As UNI price rises, another new altcoin Kangamoon (KANG) is also making waves as its presale nears $7M.
The Uniswap (UNI) price is soaring following Uniswap Labs’ formidable response to the SEC’s Wells Notice. Although the token has slightly pulled back, it surged by more than 30% immediately after the news of the response broke.
The response has not only bolstered investor confidence in the decentralized finance (DeFi) sector but also ignited positive sentiment for other altcoins, notably Kangamoon (KANG), which is currently in the midst of its presale.
The 40-page response to SEC’s Wells Notice
Uniswap Labs filed a comprehensive 40-page response to the SEC’s Wells Notice, vehemently contesting the agency’s claims that Uniswap’s operations may violate US securities laws.
The decentralized crypto exchange argued against potential lawsuits, urging the SEC to reconsider its stance. Uniswap refuted the SEC’s assertions, labeling them as “weak” and citing court rulings that contradicted the agency’s legal arguments.
Moreover, Uniswap challenged the SEC’s expansive interpretation of securities laws, emphasizing that the agency’s allegations were based on unreasonable extensions of key definitions such as securities, exchanges, and contracts.
The platform also highlighted that the majority of its trading volume did not involve securities, as per the SEC’s own standards, and that most of its users were from outside the US, potentially exempting them from US securities laws.
The new meme coin making waves alongside Uniswap (UNI)
As Uniswap continues its legal battle with the SEC, another project, Kangamoon, is making waves in the crypto space with its unique approach to meme coins and community engagement.
Kangamoon aims to establish itself as a prominent meme coin while integrating elements of SocialFi and Play To Earn (P2E).
The project promises an immersive gaming experience where players can earn rewards in the form of $KANG tokens and exclusive NFTs by participating in challenges and competitions.
Currently in its presale phase, Kangamoon has already raised a significant amount of nearing the $7 million…