Uniswap Foundation: Despite the SEC's Wells notice, free migration will still be implemented

ChainCatcher news, according to Cointelegraph, the Uniswap Foundation stated that despite receiving a Wells notice from the U.S. Securities and Exchange Commission (SEC), it will still implement the free conversion.

Uniswap Labs claims that under the current legal classification, the SEC has no authority to regulate its decentralized protocol.

It is reported that Uniswap's response comes at a very timely moment, as the "21st Century Financial Innovation and Technology Act" will be voted on in the House after passing the Senate, a bill that could change the way the SEC and the Commodity Futures Trading Commission (CFTC) regulate cryptocurrencies.

Additionally, Uniswap revealed that if the proposal for the new fee mechanism is approved by the end of this month, control of the mainnet UniswapV3Factory will be transferred to a newly designed V3FactoryOwner contract, marking a milestone in Uniswap's decentralized governance.