Uniswap Labs has finally filed a response to the Wells notice from the Securities and Exchange Commission (SEC) and called on the agency to abandon its enforcement action against the company. On the other hand, In the metaverse world, a new initiative, Mallconomy, has debuted aiming to establish a titan in the decentralized e-commerce realm. Its crypto presale has already attracted many investors in the past few days.
Uniswap Challenges SEC’s Jurisdiction
The notice, released in April, alleges that the company has violated securities laws by functioning as an unregistered securities exchange and broker. Uniswap Labs claims that the SEC does not have jurisdiction to regulate its decentralized protocol under current legal categorizations.
The Chief Legal Officer of Uniswap Labs, Martin Ammori, said in the company’s response that the SEC would have to expand the definition of an exchange in order to regulate the firm.
In his argument, Ammori opined that most tokens traded on the Uniswap Protocol are not securities under the federal law. However, the company argues that the SEC has failed to give clear definitions of which digital assets are considered securities hence causing a lot of confusion to DeFi projects.
The company underlines the decentralised approach of its protocol, stating that the protocol is self-governed and has no affiliation with Uniswap Labs as a company. Moreover, it argues that its independence means that it cannot be held accountable for compliance with the securities laws.
Uniswap Legal Representation
Uniswap Labs has also put together a strong legal team to handle the enforcement action by the SEC. The team comprises Andrew Ceresney, the SEC’s former head of enforcement, who formerly served Ripple in a legal dispute with the SEC, and Don Verrilli, the former US Solicitor General, who represented Grayscale in a legal case against the SEC. Moreover, Uniswap Labs is willing to take the matter to court if needed, claiming that it has strong grounds to do so and that it will ultimately prevail in the lawsuit.
However, the company believes that the SEC will change its strategy since it does not serve the interests of the investors or the American public. Uniswap states that legal measures against it may force American crypto traders to engage in foreign trading platforms and stifle innovation in financial services.
Mallconomy’s Woot token might emerge as the top investment this year
Mallconomy is stepping into the metaverse sector, currently valued at $8 trillion, according to Goldman Sachs. This presents a colossal target market for Mallconomy, which has recently commenced its crypto presale.
Rather than striving to be an all-inclusive metaverse endeavor like The Sandbox or Decentraland, Mallconomy harbors a distinct vision. It aspires to forge the most extensive and dynamic virtual shopping mall in the metaverse, offering brands and consumers a mutually advantageous ecosystem where they can shop, all from the comfort of their own homes.
After its launch in 2022, Mallconomy facilitates virtual shopping across various devices, including PCs, mobiles, and smart TVs. Its applications are slated to roll out on iOS and Android by year-end.
How does Mallconomy operate?
At the core of Mallconomy’s distinctive value proposition lies its Browse-To-Earn initiative, enabling users to earn WOOT tokens as they browse. This standout feature grabs metaverse headlines by enabling individuals to earn a passive income with no purchase necessary. It compensates users for nearly every action they undertake within the virtual mall, even if they’re just window shopping.
Meanwhile, Mallconomy also boasts an exciting and extensive NFT collection that offers a vast array of perks, from referral kickbacks and dividends to a Tinder-esque launchpad and early notification of land sales within the metaverse. Additionally, Mallconomy’s innovative ChatGPT-powered Ready Player Me avatars and AI-driven virtual sales assistants provide round-the-clock customer support.
