The founder of Uniswap Labs, Hayden Adams, said he is "ready to fight" after revealing that he received a notice of possible enforcement action from the SEC.
Uniswap
UNI
5.30 €
, the token of the decentralized exchange of the same name, fell to a six-week low after Uniswap said it received a notice of proposed lawsuit from U.S. regulators, to which it is "ready to fight."
UNI fell 10%, dropping from 11.21 to 10 dollars in after-hours trading, after Uniswap said it received a Wells notice from the Securities and Exchange Commission, a notification that the regulator could take enforcement action against the platform.
Currently, UNI is trading at USD 9.66, its lowest point since late February, according to Cointelegraph Markets Pro.