I am loving these “this is a clear security” takes. An important part here is enforcement. Even if it was a security, what exactly do you think gets accomplished here? UNI token keeps going brrrr and keeps getting traded on Uniswap, which doesn’t answer to nobody - it’s deployed.
Everyone but accredited investors got the token at $0? Who exactly is being harmed by the price discovery on the secondary markets? Most the SEC could likely accomplish is delisting UNI from U.S. exchanges and potentially a fine. GG on doing anything else
If something is a security matters for something like XRP. Because the token is basically useless, will never have any revenue share and it’s just being used as revenue to fund a company that wouldn’t survive without it. World of difference
Have I become a sell out for wanting equity-like tokens of permissionless networks? Absolutely. What I hated about ICOs was raising from retail with promises that could not be kept. This is great
I’m not a lawyer though and am sure this will be subtweeted by actual lawyers. So be it
Really what everyone should be focusing on instead of regulatory concern trolling is how Uniswap can extract fees from the LPs and how that changes the dynamic. And if purely profit driven LPs don’t fork out the token and turn off the fees. Uniswap fees are still 0
Monetizing open source protocols is damn hard. Rentseeking rarely works. That’s why most open source is monetized through services and upselling the enterprise alternative
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