The Wall Street Journal reported, citing sources familiar with the matter, that the US Securities and Exchange Commission (SEC) has decided to terminate its investigation into Uniswap Labs, the developer of Uniswap, and will not take further enforcement action.

This investigation began in April 2024, when Uniswap Labs founder Hayden Adams disclosed on social media that Uniswap had received a "Wells notice" from the SEC, focusing on whether Uniswap operated as an unregistered stock exchange and whether its UNI tokens constituted illegal securities sales.

Since Trump came to power, the SEC has also experienced a round of personnel reshuffle and readjusted its regulatory approach in the cryptocurrency field. In addition to Uniswap, the SEC has also concluded its investigation into Robinhood's cryptocurrency business and withdrawn its lawsuit against Coinbase.