Uniswap Labs founder Hayden Adams said its “ready to fight” after disclosing it received a notice of possible enforcement action from the SEC.
Uniswap (UNI), the token for the decentralized exchange of the same name, sunk to a six-week low after Uniswap said it received a proposed lawsuit notice from United States regulators — which it is “ready to fight.”
UNI dropped 10% from $11.21 to $10 in the hour after Uniswap said it received a Wells notice from the Securities and Exchange Commission, a notification that the regulator is planning enforcement action.
UNI is currently trading at $9.66, its lowest point since late February, according to Cointelegraph Markets Pro.
