Page 27 - 期貨和衍生品行業(yè)監(jiān)管動(dòng)態(tài)（2024年9月刊）
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期貨和衍生品行業(yè)監(jiān)管動(dòng)態(tài)
via a decentralized digital asset trading protocol. The order requires Uniswap Labs to
pay a $175,000 civil monetary penalty and to cease and desist from violating the
Commodity Exchange Act (CEA), as charged.
“Today’s action demonstrates once again the Division of Enforcement will
vigorously enforce the CEA as digital asset platforms and DeFi ecosystems evolve”
said Director of Enforcement Ian McGinley. “DeFi operators must be vigilant to
ensure that transactions comply with the law.”
Case Background
Uniswap Labs contributed to the development, and deployed versions, of a
blockchain-based digital asset protocol that offered to non-Eligible Contract
Participants and institutional users in the United States and abroad the ability to trade
digital assets through use of the Ethereum blockchain. The protocol allows users to
create and trade with liquidity pools, which consist of a matched pair of digital assets
that are valued against each other.
In order to facilitate access to the protocol, Uniswap Labs developed and
maintained a web interface that it made available to users. Through the interface,
users could trade in hundreds of liquidity pools on the protocol. Among the digital
assets traded on the protocol and through the interface were a limited number of
leveraged tokens, which provided users leveraged exposure to digital assets such as
Ether and Bitcoin. The order finds these leveraged tokens are leveraged or margined
commodity transactions that did not result in actual delivery within 28 days and
therefore can be offered to non-Eligible Contract Participants only on a board of trade
that has been designated or registered by the CFTC as a contract market, which
Uniswap Labs was not.
As stated in the order, the CFTC recognizes Uniswap Labs’ substantial
cooperation with the Division of Enforcement’s investigation of this matter in the
form of a reduced civil monetary penalty.
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