On Thursday (October 1), “Joe007”, a former well-known pseudonymous trader on Bitfinex, warned traders that following the recent action by CFTC against BitMEX, it might not be long before the SEC decides to take a closer look at Uniswap.

On Thursday, the U.S Commodity Futures Trading Commission (CFTC) announced that it had brought charges against “five entities and three individuals” that own and operate the crypto derivatives exchange BitMEX.

CFTC’s press release (“Release Number 8270-20”) said that the agency had filed “a civil enforcement action in the U.S. District Court for the Southern District of New York charging five entities and three individuals that own and operate the BitMEX trading platform with operating an unregistered trading platform and violating multiple CFTC regulations, including failing to implement required anti-money laundering procedures.”

On September 16, the team behind decentralized automated market maker (AMM) protocol Uniswap published a blog post that said it had launched its governance token UNI (contract address:  0x1f9840a85d5aF5bf1D1762F925BDADdC4201F984) and that “60% of the UNI genesis supply is allocated to Uniswap community members, a quarter of which (15% of total supply) has already been distributed to past users.”

As a result of Uniswap’s airdrop, anyone who had ever used Uniswap in the past could claim 400 UNI (worth around $1200 at the time of the announcement):

“400 UNI are claimable by each address that has ever called the Uniswap v1 or v2 contracts. This includes ~12,000 addresses that have only ever submitted failed transactions — love you guys.”

Well, one person who doesn’t think that Uniswap’s airdrop was kosher is Joe007, who tweeted (on the same day that the CFTC announced its enforcement action against BitMEX) that it might not be long before the U.S. Securities and Exchange Commission (SEC) decides to investigate the legality of Uniswap’s airdrop since this could seen as an illegal offering of an unregistered security:

Featured Image by “qimono” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.