Okay, so I didn’t HAVE to, but I did. I took the 45minutes maybe a hour, went to the SEC website, and formally filed a complaint against Uniswap and its creator, Hayden Adams, for security violations including fraud, and the offering of a unverified security (which crypto currency is currently classified as such in the USA) but why, why would I do such a thing?
Well, in short answer, I was pretty pissed. In long, it was worthy of mention to the SEC. Especially since, I am a fan of cryptocurrency and believe in what it can achieve. The uni airdrop was what I claimed it to be to the SEC, and more importantly it is harmful to the ecosystem and trust that cryptocurrency is trying to build. My ultimate problem with the uni air drop can be laid out in sum by reading this article that I wrote shortly after the drop. But I will sum it up again here, with a caveat. The uni air drop was the release of a token which in all actuality is useless, the market cap and valuation that was given to the token overnight was no where close to fair and when you inject that much money (especially fake money) into any financial system you will eventually end up devaluing other related currencies that have interacted with aforementioned currencies. I.E. the other crypto markets have, and will, absorb the loss of this new tokens price. To a further point, the caveat I mentioned. My complaint with uniswap would have been mitigated if it wasn’t for the fact the centralized exchanges (CEX’s) started offering the coin for sale and trade on their platforms without any formal governmental agency ever seeing or even knowing about the token to formally vet the security. I was extremely off put that these CEX’s who are required to conduct KYC procedures and report earning(s) and other various finical information on not just their customers, but themselves and their platforms offerings, seemingly didn’t give a fuck that they were selling something that was basically knowingly valueless to wide eyed investors who are too dumb to understand blockchain governance, let alone draft a proposal for one.
In summary, I reported UNI for you, and for me, the people who use crypto currencies, and I would like to invite others to file complaints as well (tends to make shit happen faster) and also to remember that as new “projects” come on the market that you should really be aware of the purpose of the project (if any) and also keep mind the broad spectrum of effects that it can have on not just the cryptocurrency markets, but also fiat ones to a degree as well.
