Marvin Ammori
9,495 posts
Marvin Ammori
@ammori
- Another huge victory for the crypto world & software devs. SDNY court tossed out a class action against us, deciding that the “self-driving” Uniswap protocol has primarily *lawful* use & protocol devs aren’t liable when others misuse it. The trend in courts is obvious.
The SEC lost on everything that matters to them & the industry --retail sales, airdrops, employee comp, implicitly all exchange trades. SEC won on one past relic--certain nonexempt institutional sales--that have been uncommon for years. Just crushed from a practical POVSEC Statement on Ripple has vibes of young campaign hack spinning on bad facts, vs powerful government agency expected to tell the truth. Do better.
- Today, @Uniswap has submitted our response to the SEC Wells notice we received in April. The Uniswap protocol represents an innovation in commerce that solves long-standing problems– with near-instant, intermediary-free, secure trading of any assets. It is the first widely used
- Replying to @ammori
- The SEC is trying to change the legal definition of “exchange” as part of their ongoing effort to shut down crypto & decentralized finance. We joined others in submitting arguments against this effort. 1/4 sec.gov/comments/s7-02…
- Bittersweet news: I hand off the reins to a new Chief Legal Officer at @Uniswap this week. I’ll remain at Uniswap full-time through November during this transition and then move to a part-time role at the company, focused on global public policy for DeFi. In late 2020, Hayden
- Coinbase received a Wells notice from the SEC. After years of asking for reasonable crypto rules, we're disappointed that the SEC is considering courts over constructive dialogue. But if courts are required, so be it. We'll defend the rule of law. 1/15 coinbase.com/blog/we-asked-…
- Replying to @ammori4/ The Uniswap Protocol, web app, and wallet don't meet the legal definitions of securities exchange or broker Just weeks ago, the judge in SEC v. Coinbase dismissed the claim that crypto wallets were brokers – *even if* the tokens at issue were securities.
- Replying to @ammori3/ The SEC has authority only over “securities” – not any asset represented by a particular file format or technical standard Most tokens are clearly not securities – e.g btc, eth, stablecoins, meme coins. Nor generally are secondary market transactions, per the Ripple opinion
- Replying to @ammori6/ If the SEC had authority over our self-custodial, non-intermediated products, it could tell us how to register them. It can't and so it doesn't. It has provided no clarity and no guidance – as several SEC commissioners have stated in multiple dissents.
- Replying to @ammori5/ A court (in Risley) has ruled the Uniswap Protocol is mainly used for lawful purposes. The SEC's current exchange rule doesn’t cover it. So the SEC proposed a new rule, but we’ve explained why that would fail. sec.gov/comments/s7-02…
