Uniswap was sued by SEC: How to build a compliance architecture for web3 issues?

Source: Lawyer Liu Honglin

01Uniswap is stared at by SEC

Mu Xiu Yu Lin, the wind will destroy it.The US regulatory authorities’ regulatory and law enforcement of the web3 project has always been focusing on harvesting protection fees in the name of protecting the majority of investors.

As a leader of the traditional centralized virtual currency exchange CEX, the protection fee has been paid.How can the faucet of the decentralized exchange DEX be released?

No, the US Securities Regulatory Commission (Secfalv) grinding the knife Huojo to the Dramwap on the Dex track.

On April 10, the US Securities and Exchange Commission (SEC) warned UNISWAP LABS, plans to take law enforcement operations on the company.The warning was issued in the form of “Wells Notice”, and the US Securities and Exchange Commission sent the notice to a company before initiating a formal lawsuit to provide the company’s final opportunity to refute any allegations.It has not yet understood the specific nature of the SEC’s allegations of UNISWAP LABS.

Of course, this article is not to talk about whether UNI constitutes securities. After all, this matter itself is not purely a legal issue.Lawyer Honglin wants to take the UNISWAP project as an example to talk to you about the issue of the web3 coin -issuing project and what legal architecture to build.

Because of the supervision of Mainland China, the project to issue coins must not be in China, and it must be developed overseas. The first step in the compliance of the sea is the establishment of the company’s legal subject involved in the project.

With the advent of the bull market, more and more entrepreneur friends come to consult with lawyers of Honglin. What legal structure will be more suitable if the project is issued by the project?How do those well -known project parties in the industry make architecture design?… These are issues that entrepreneurs are more concerned, so they will be with Lawyer Honglin to reveal Uniswap.

02Introduction to Uniswap

UNISWAP is a decentralized trading platform agreement built in Ethereum.More precisely, it is an automated liquidity protocol.Through UniSWAP, users can seamlessly exchange various ERC-20 token without using any order books or any centralized participants.

The UNISWAP protocol was founded by Hayden Adams in 2018. Since its establishment, Uniswap has traded more than $ 2 trillion, occupying more than 50%of the transaction volume of the decentralized exchange market.

As a world -renowned project, UNI naturally has its own token economy.UNI is the native currency of the Uniswap protocol, which gives the holder the right to govern with a total amount of initial castings, 60%of which are shared by the existing Uniswap communities.And consultant.Some communities are realized through liquidity mining.

In order to realize the compliance operation and development of the project, the project party has designed the following:

Picture from Uniswap Foundation website

03Political Certain Foundation:Uniswap Foundation

First of all, the UNISWAP project party must say that he is a DAO organization co -built by the whole people. The important matters of the organization should be replaced fairly by UNI holders.Of course, the voting of the people is only responsible for the external PR, and the door to close the door must still have the elder home to discuss the matter.

In order to cooperate with the efficient operation of DAO, the project party registered Uniswap Foundation in Tellawa in 2022.This is a non -profit organization, other entity operations independent of the UNISWAP ecosystem, including Uniswap Labs responsible for the development of the Uniswap project.

Uniswap’s foundation is responsible for the daily operations of the entire community, and there are three summaries:

Provide financial support for developers and core contributors to the UNISWAP network
Financial support for researchers including web3, including Uniswap
Responsible for the strategic planning and development of the entire project of Uniswap

Picture from Uniswap Foundation website

04Developer with money to work: Uniswap Labs

Happiness is struggling, and the code is knocked out by the keyboard.UniswapNaturally, the ambitions need to have technical developers to land daily.So the project party set up a name calledUniswap LabsThe company is responsible for daily application development, such as the V4 version of the decentralized exchange, the cross -chain protocol Uniswap X, and the decentralized wallet Uniswap Wallet.

Since it is a company, it is the purpose of commercialization.The return of commercial contracts and commercial compensation signed to the outside world.The recruitment of employees is carried out in the name of the project company.Of course, the greater the ability, the greater the responsibility.The object of the US SEC law enforcement notice this time is Uniswap Labs.

05Renhua version translation

If we willUniswap LabsUnderstanding as the form of a traditional company may be able to understand the relationship between multiple subjects more clearly.

Uniswapdao is the company’s shareholders’ meeting.Holders holding the UNI project token can vote on the agreement to change the agreement, similar to as a shareholder to vote for the company’s only important matters.Users who hold a large number of UNI are major shareholders, and naturally they have a heavier voice on the UNI project.
Uniswap Foundation is a board of directors who hire (inner) to hire (inner) to select (inside).Responsible for the decision -making of major matters in the company’s business development, such as the selection and employment of the company, the choice of partners, and the sponsorship or investment of the foreign coins.
UNISWAP LABS is a professional manager team hired by the board of directors.Responsible for specific moving bricks, such as software development, wallet development, cross -chain agreement development, such as the central exchange.

06Lawyer Mansku’s suggestion

Through the method of the foundation+project development company, Uniswap can balance it well under the existing regulatory framework“Promote decentralized community autonomy concepts+commercialization companies to make money efficiently”EssenceIt can be said that it is a model of compliance that web3 entrepreneurs can pay tribute.

This model is also a method of designing overseas compliance architecture for the WEB3 project in the sea for the WEB3 project in the sea.Project companies like Uniswap Labs can be placed in North America, Hong Kong, China, Singapore and other places according to the needs of the business team to facilitate the project party’s business cooperation, APP listing, bank account opening, personnel recruitment, etc. need to deal with the real world.use.

Foundations like Uniswap Foundation are arranged in Singapore, Cayman, Switzerland and other places according to the main customer market and compliance budgets of the customers.Previously, Mankun’s foreign -related team has specially written the relevant situation of the Cayman Foundation. Interested friends can poke>”” “” “Web3 project compliance: why is the distribution of token issued?”Essence