ChainCatcher news, according to Coingape, former SEC official Marc Fagel expressed concerns regarding the agency's recent issuance of a Wells Notice to Ethereum Web3 gaming company Immutable. Immutable stated that this was issued without prior communication or with limited explanation, which does not align with the typically broader investigative procedures.Fagel commented that it is uncommon for the SEC to issue such notices without conducting a thorough investigation first, indicating that this practice may be "risky." Typically, companies expect to undergo several months of interviews or communications before receiving a Wells Notice, and deviating from this standard practice could be seen as "risky."Previous news, the Ethereum gaming company Immutable received a Wells Notice from the SEC, accused of violating securities laws, and may soon face enforcement action.

ChainCatcher news, according to Decrypt, the blockchain gaming company Immutable has issued a statement indicating that it has received a Wells notice from the U.S. Securities and Exchange Commission (SEC). Additionally, the SEC sent a letter to the company's CEO James Ferguson and the Digital Worlds Foundation, which helped issue the IMX token, detailing the company's alleged violations of securities laws. The allegations specifically point to violations of securities laws and potential false statements.An Immutable spokesperson stated, "Although the SEC indiscriminately claims that tokens across the entire industry are securities, we are confident that the IMX token is not a security. The notice merely cites legal provisions and contains limited meaningful details."

ChainCatcher news, according to market news, the cryptocurrency exchange Crypto.com has received a Wells notice from the U.S. Securities and Exchange Commission.It is reported that a "Wells notice" is an informal reminder issued by the U.S. SEC before filing a civil lawsuit against a publicly traded company in the U.S. The company receiving the notice can communicate and negotiate with the SEC before receiving a formal lawsuit.

ChainCatcher news, according to @tier10k, OpenSea has received a WELLS notice from the U.S. Securities and Exchange Commission (SEC).In response, OpenSea founder Devin Finzer stated that they received a Wells notice from the SEC, as the SEC believes that the NFTs on the platform are considered securities and threatens to sue them. OpenSea expressed shock at this move, stating that it would have widespread implications for creators and artists. To address this situation, OpenSea has committed to allocating $5 million to help NFT creators and developers who received Wells notices cover legal fees, and emphasized that they will continue to fight for the industry.

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.

ChainCatcher news, according to The Block, Uniswap Labs responded to the Wells notice issued by the U.S. Securities and Exchange Commission (SEC), stating that the SEC's legal claims are fundamentally flawed and unfounded, and that the SEC's arguments do not adequately consider the platform's use of commodities and the true meaning of those commodities.In a press release on Tuesday, Uniswap Labs pointed out that the SEC claims Uniswap DEX acts as an unregistered securities exchange and securities broker-dealer for Uniswap Labs, and that the UNI token constitutes an investment contract. This "radical theory" has exceeded the SEC's jurisdiction. It is believed that the House of Representatives will pass a bill granting the Commodity Futures Trading Commission (CFTC) jurisdiction over digital asset trading.Uniswap Labs also stated that it believes regulators "should embrace open-source technology to improve outdated business and financial systems, rather than attempting to make them disappear through litigation." Uniswap wrote in its statement, "We believe our work is on the right side of history. The SEC should not use taxpayer money to sue us."

ChainCatcher news, according to The Block, JPMorgan stated that the Wells notice issued by the U.S. Securities and Exchange Commission (SEC) to Robinhood Crypto is unlikely to hinder the final approval of the Ethereum spot ETF.JPMorgan analysts wrote in a report on Wednesday: "In our view, the Wells notice should not pose an obstacle to the U.S. SEC's final approval of the Ethereum spot ETF, although it may not be approved as early as this month."

ChainCatcher news, according to TheBlock, Variant Fund Chief Legal Officer Jake Chervinsky posted on X that the U.S. Securities and Exchange Commission has just sent a Wells notice to Robinhood. The number of Wells notices they have sent regarding cryptocurrencies in recent months is shocking. It is hard to imagine that the SEC can (or is able to) take such extensive enforcement actions; it seems they are now abusing Wells notices as a form of intimidation, and they are clearly misusing Wells notices to intimidate honest American companies.

ChainCatcher news, according to Tree News, Robinhood Markets Inc. stated that the U.S. Securities and Exchange Commission issued a Wells Notice regarding its cryptocurrency business in the U.S., to which Robinhood expressed disappointment.

ChainCatcher news, Uniswap founder Hayden Adams stated on social media, "Uniswap Labs received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) today. I am not surprised, but frustrated, disappointed, and ready to fight back. I believe the products we offer are legal, and our work is historically justified. But it is clear that the SEC has not made an effort to establish clear and sensible rules for a long time, instead choosing to focus on attacking long-term builders like Uniswap and Coinbase. Meanwhile, bad actors like FTX are getting away with it.When I first set out to create Uniswap, the goal was not to reshape finance. It was a radical decentralized, fully automated on-chain market experiment. I didn’t know if it would succeed or if anyone would use it. Today, the Uniswap protocol has processed over $20 trillion in transaction volume. Many teams and developers have forked our code or built upon it. We have built a new financial infrastructure that is transparent, fair, secure, and accessible, powering the entire industry. The Uniswap team has accomplished all this work from our office in New York City.People often ask me why we stay in the U.S., and my answer is simple: I believe blockchain is an incredibly powerful technology. Like the internet, it will endure. So someone needs to tackle this issue, and that someone could be us. When you develop technology that can improve people's lives, you have no need to hide.The SEC's mission is to 'protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.' This is a noble mission. I believe Uniswap is doing a much better job in this regard than the SEC today.Yes, I am disappointed because the SEC seems more concerned with protecting opaque systems than with protecting consumers. We must fight against U.S. government agencies to protect our company and industry.This struggle will last for years, possibly all the way to the Supreme Court, and the future of fintech and our industry is at stake. If we stand together, we can win. I believe freedom is worth fighting for. I believe DeFi is worth fighting for as well. Of course, we will not stop operating."It is reported that the SEC's Wells Notice is a formal notification that informs the recipient that the regulatory agency plans to take enforcement action against them.

ChainCatcher news, according to official sources, Coinbase has stated that it has received a "Wells Notice" from the U.S. Securities and Exchange Commission (SEC), concerning certain digital assets listed on Coinbase, the staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet.Coinbase indicated that the Wells Notice did not provide much information. SEC staff merely stated that they had found potential violations of securities laws. Coinbase requested the SEC to specify which assets listed on its platform might be considered securities, but the SEC refused. Before the SEC issued the notice today, Coinbase had provided several registration suggestions to the SEC over the past few months, but the SEC ultimately declined to respond.Subsequently, Coinbase CEO Brian Armstrong tweeted, "Coinbase is legally right, confident in the facts, and willing to go to court to prove the SEC's unfairness and unreasonableness regarding digital assets."According to previous news, the SEC has charged Sun Yuchen and his three wholly-owned companies, alleging illegal sales of securities and market manipulation. (Source link)

ChainCatcher news, according to CoinDesk, crypto podcast host David Hoffman stated on Friday that he heard Lido and other cryptocurrency projects have received Wells notices from the U.S. Securities and Exchange Commission (SEC) (a Wells notice is a letter from the SEC detailing the charges it is considering against the recipient). However, he later retracted this statement, saying, "Members of the Lido team have contacted me saying this is false."As a result of this news, Lido's token LDO dropped by 10% on Saturday. Andrew Thurman from crypto analytics firm Nansen stated on Twitter that one of the largest crypto market makers, Wintermute, sold about 10% of its holdings in LDO, amounting to $2 million. According to market data, LDO is currently priced at 2.6 USDT, with a nearly 24-hour decline of 6.0%. (source link)

ChainCatcher news, Circle's Chief Strategy Officer and Global Policy Head Dante Disparte responded to a tweet from Fox Business reporter Eleanor Terrett, stating that Circle has not received a Wells notice.Previously, Terrett mentioned in a tweet that the U.S. Securities and Exchange Commission had issued Wells notices to several U.S. stablecoin companies, including Circle, ordering them to cease the sale of unregistered securities. After receiving Disparte's clarification, Terrett also apologized for this.It is reported that a "Wells notice" is an informal reminder issued by the SEC before filing a civil lawsuit against a publicly traded company in the U.S. The company receiving the notice can communicate and negotiate with the SEC before receiving a formal lawsuit. (source link)