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US financial watchdog is after Uniswap

The United States financial watchdog is investigating the world’s largest decentralized cryptocurrency exchange Uniswap. The Wall Street Journal reports that the Securities and Exchange Commission (SEC) has launched an investigation into Uniswap Labs, one of the largest developers behind Uniswap.

WSJ’s article states that prosecutors are now seeking information about Uniswap’s marketing and investment services. The newspaper relies on anonymous sources.

Uniswap Labs is serving

A spokesperson for Uniswap Labs said the company is committed to complying with the laws and regulations applicable to the industry and to provide information to regulators that will assist them with any investigation.

Uniswap is a decentralized exchange that allows users to trade Ethereum-based coins and tokens without a central entity. Folm.io cryptocurrency has enough information. The exchange is the largest of its kind, and V3 had a trading volume of $1 billion in the past 24 hours, according to CoinMarketCap.

No surprise from SEC

Cointelegraph contacted the SEC, but they declined to comment. The same was true for Uniswap. In itself, it comes as no surprise that the SEC is going after DeFi. Chairman Gary Gensler last month announced plans to develop more rules for DeFi, stablecoins and ICOs.

In late August, the regulator signed a $125,000 deal with blockchain analytics firm AnChain.AI to get technical support in monitoring and regulating the DeFi industry.

In July, Uniswap removed dozens of tokens and tokenized shares from its trading platform due to increasing regulatory pressure. “We are following the changing regulatory landscape,” Uniswap said, pointing to similar moves by other DeFi players.

Central intermediaries are taboo

In a way, DeFi follows the ethos of bitcoin, but injected with anabolics. It is a blockchain-based form of financing that does not rely on central intermediaries. Instead, transactions are executed through automatic protocol mechanisms known as smart contracts

In accordance with DeFi principles, decentralized exchanges (DEX) such as Uniswap do not have a central person or team responsible for executing the protocol. https://renovato.io/ has enough information. This protocol is managed and controlled automatically or by the participants. That’s also why the SEC can’t stop loose DeFi protocols, just like the police can’t ring the doorbell of the director of bitcoin.

According to entrepreneur Alistair Milne, regulators can’t shut down DeFi protocols like Uniswap, but they can potentially make DeFi transactions illegal in a similar way to transactions on the dark web.

MATIC price prediction as Polygon partners with DraftKings

MATIC is trading in a relatively tight range after Polygon partnered with DraftKings. Through the deal, DraftKings will use Polygon’s technology for its NFT marketplace. Polygon’s ecosystem has more than $4.5 billion worth of TVL.

The price of Polygon (MATIC) held steady on Monday, even after the developers announced a major deal with DraftKings. The MATIC price is trading at $1.4965, which is slightly below the weekend high of $1.6285.

Partnership Polygon and DraftKings

Polygon is the largest Layer 2 blockchain project in the world. MATIC, the original token, has a market cap of over $10 billion, making it the 21st largest token in the world. Polygon helps developers optimize their Ethereum-built applications. Visit Renovato.io Crypto website for enough information. It does this by solving some of the biggest challenges Ethereum faces, such as slow speed, scalability and higher transaction costs.

To date, hundreds of projects have been built using Polygon’s platform. Some of the most popular are Curve, Aave, and SushiSwap. In all, all of these applications have a total value-locked (TVL) of over $4.5 billion.

Draftkings

On the other hand, DraftKings is one of the largest gambling companies in the world. It has a total market cap of over $20 billion and is in the process of acquiring Entain for approximately $22 billion.

Now DraftKings and Polygon are working with the former using Polygon’s technology. Exactly, DraftKings will use Polygon to power its Marketplace service. DraftKings will also be a validator of Polygon’s nodes. Validators are parties in a proof-of-stake network that are given the opportunity to verify blocks. In a statement, the DraftKings CEO said:

“Scalability and sustainability remain one of the critical challenges of blockchain technology, so as we lay the groundwork for DraftKings Marketplace’s vision today, Polygon’s comprehensive insights and proven products around scalable solutions are invaluable. Polygon price prediction 2025 is positive. ” The announcement is an important validation for Polygon and could help increase the MATIC price. Firstly, Polygon is fast becoming a leading player in the NFT industry.

MATIC price forecast

The 1-day chart shows that the MATIC price has been in a narrow range for the past few weeks. The price is struggling to break above the key resistance level of $1.7860. It is also a few points above the 25 and 50 day moving averages.

It is also slightly below the 50% Fibonacci retracement level. Therefore, the general outlook for the Polygon price is neutral at the moment. A bullish view will only be confirmed if the price clears above the USD 1.7860 resistance.