The largest decentralized cryptocurrency exchange (Uniswap) based on Ethereum (ETH) delisted several tokens before the expected regulatory review. Uniswap has removed Tether Gold and tokenized stocks from crypto derivatives platforms like Synthetix.
Brooklyn-based Uniswap Labs did so in response to U.S. law prohibiting the company from selling certain investments.
Uniswap Delisting Comes After Binance Exchange Crackdown
Binance, the world’s largest cryptocurrency exchange, was hit internationally: After regulators in Great Britain, Hong Kong, Germany and Italy declared that it could be securities, the exchange had to suspend its tokenized shares. Decrypt reported that since Uniswap is a website based in the United States, corporate officials expect the U.S. Securities and Exchange Commission to step up its scrutiny of the company’s operations.
Last week, the Texas Securities Commission issued a suspension order on crypto-lending platform BlockFi for allegedly selling unregistered securities.
SEC chairman Gary Gensler said that he had a close eye on “share tokens” and that he had taken legal action against token issuers and was considering more. He said: “These platforms—whether in the decentralized or centralized finance space—are implicated by the securities laws and must work within our securities regime.”
Gensler has extensive knowledge in this area and held a course on Bitcoin (BTC) and blockchain at MIT.
Investors Confidence Raise Ethereum Price by 10%
On Monday at 09:37 GMT on the Investing.com index, Ethereum (ETH) was trading at $2,330.22, up 10.08% on the day. This is the largest percentage increase in a day since July 21st.
The upward move saw the market value of Ethereum rise to $274.97 billion or 17.85% of the total market value of cryptocurrencies. At its peak, Ethereum’s market value was $479.29 billion.
Over the past 24 hours, the trading price of Ethereum has ranged from $2,174.44 to $ 2,368.66.
In the past 7 days, Ethereum has risen 23.5% in value. In the 24 hours at the time of writing, Ethereum’s transaction volume was $21.21 billion, or 22.48% of the total transaction volume of all cryptocurrencies. For the past 7 days, the trading price was between $1,720.7018 and $2,368.7402.
At the current price, Ethereum is still 45.75% below its historic high of $4,366.10 on May 12.