Insider News: a16z and USV Summoned by New York Regulatory Authorities over Uniswap Issues

Foresight News reports, according to CoinDesk, sources revealed that New York State Attorney General Letitia James has joined the regulation against Uniswap and issued subpoenas to its investors. This includes a16z and Union Square Ventures (USV), among others. A spokesperson for Uniswap stated via email, "Uniswap Labs is a pioneer of DeFi technology, providing us all with a better and fairer way to access financial services. We don't want anyone to bear unnecessary subpoenas, but we welcome dialogue with any government agency or elected official at any time."

In previous news from Foresight News, the U.S. Commodity Futures Trading Commission (CFTC) issued an order and settled charges against Uniswap Labs. The order found that Uniswap Labs illegally provided digital asset leverage or margin retail commodity transactions through decentralized digital asset trading protocols. The order requires Uniswap Labs to pay a civil penalty of $175,000 and cease violations of the Commodity Exchange Act (CEA).