Regulation
Uniswap strengthens its legal team with a former Coinbase lawyer
Katherine Minarik, former senior counsel at Coinbase, has been welcomed as a new CLO to Uniswap, a DeFi exchange.
Meanwhile, this decision was taken due to the risks that the platform faces due to possible enforcement actions by the United States Securities and Exchange Commission (SEC).
THANKS, @ammori! Yes, I have officially completed almost four incredible years at Coinbase and today I begin a new chapter in crypto as the next General Counsel of Uniswap. 1 time https://t.co/zrEaLVGCHm
– Katherine Minarik (@MinarikLaw) June 10, 2024
Minarik shared that she is joining Uniswap as a new member while revealing her new position on X. She said,
“It’s impossible to spend time in crypto and not be inspired by DeFi’s potential to change the world. So I’m honored to take on this new role at Uniswap Labs, continuing another part of the fight for economic inclusion and the future of finance for all of us.
Transition in leadership
Minarik replaces Marvin Ammori, who left Uniswap late last year to take on a reduced role. She worked at Coinbase for four years, which puts her in a good position to handle legal issues that may affect Uniswap.
This move by Ammori to a lesser role within the startup was a major change in Uniswap’s legal team. Minarik’s appointment comes as Uniswap needs legal strength to resolve the legal questions it will face from the SEC.
Potential SEC Legal Action
The SEC’s focus on Uniswap may be based on the assertion that the Uniswap protocol is an unregistered stock exchange. The SEC also claimed that the UNI token is an investment contract and that Uniswap UI is an unlicensed broker. The said allegations were communicated to the company through a Wells notice two months ago.
We are convinced that the products we offer are not only legal: they are transformative
Empowering citizens around the world by enabling transparent, verifiable markets with fewer gatekeepers
Enabling cheap and accessible global economic participation
– Uniswap Labs 🦄 (@Uniswap) April 10, 2024
Nonetheless, Uniswap readily refuted these allegations, saying that the SEC had been rather omnivorous in its approach to securities laws. According to the exchange, the regulator has unnecessarily expanded the meaning of securities, trades and contracts.
Uniswap has critical the SEC’s allegations are considered weak and run counter to legal precedents that have been established. The exchange also expressed concerns about the SEC’s position, stating that the body’s position appears to mean that any token is classified as a security.