TLDR:
- New York Attorney General Letitia James has subpoenaed venture capital firms Andreessen Horowitz and Union Square Ventures in connection to the cryptocurrency trading platform Uniswap.
- The U.S. Commodity Futures Trading Commission (CFTC) has ordered Uniswap Labs to pay a $175,000 civil monetary penalty and to cease violating the Commodity Exchange Act.
New York State Attorney General Letitia James has issued subpoenas to venture capital firms Andreessen Horowitz (a16z) and Union Square Ventures in relation to decentralized finance giant Uniswap. Uniswap Labs, while acknowledging the burden of unnecessary subpoenas, expressed willingness to engage in dialogue with government agencies and officials. The U.S. Commodity Futures Trading Commission (CFTC) also penalized Uniswap Labs and ordered them to cease and desist from violating the Commodity Exchange Act. US regulators have increased scrutiny on the cryptocurrency sector following previous incidents in the industry. The Securities and Exchange Commission (SEC) previously issued a Wells notice to Uniswap in April 2024, and has also sent letters to a16z and Union Square Ventures. This move by Attorney General James is seen by some in the industry as using crypto as a political tool, following similar actions by SEC Chairman Gary Gensler. The crypto community remains concerned about the political perception of the industry and is wary of government actions against prominent companies like Uniswap.
