The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Uniswap Labs, the Brooklyn-based company behind the popular decentralized exchange Uniswap.

Jeremy Allaire, co-founder of Circle, the firm behind the popular USDC stablecoin, has called for U.S. registration for all dollar-backed cryptocurrency issuers, regardless of their operational base. 

U.S.-listed spot bitcoin exchange-traded funds (ETFs) saw a cumulative daily outflow of $937.78 million, marking the largest single-day redemption since their launch in January 2024.

Top stories in the Crypto Roundup today:

• SEC Drops Investigation Into Uniswap Labs
• Circle Pushes for Stablecoin Issuers to Be US Registered
• Spot Bitcoin ETFs See Record $930 Million Daily Outflow 

SEC Drops Investigation Into Uniswap Labs

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Uniswap Labs, the Brooklyn-based company behind the popular decentralized exchange Uniswap.

The regulator previously signaled its intent to charge Uniswap Labs with operating as an unregistered securities broker and exchange, as well as issuing an unregistered security. The firm, in response, defended its operations, asserting its legality and pledging to fight the pending charges.

“We appreciate that the SEC’s new leadership is taking a close look at the pending enforcement investigations and litigations across our industry, not just our own, and has recognized that there is a more effective path to protecting American consumers,” Uniswap Labs wrote in a blog post.

The company characterized the move, which comes after the SEC dropped similar investigations against other projects in the space, as a “huge win for DeFi” on social media.

Circle Pushes for Stablecoin Issuers to Be US Registered

Jeremy Allaire, co-founder of Circle, the firm behind the popular USDC stablecoin, has called for U.S. registration for all dollar-backed cryptocurrency issuers, regardless of their operational base. 

In an interview with Bloomberg, Allaire said it “shouldn’t be a free pass, right? Where you can just ignore the US law and go do whatever the hell you want wherever and sell into the United States.”

Senator Bill Hagerty, a Republican from Tennessee, has recently introduced legislation aimed at establishing a regulatory framework for stablecoins. The initiative aligns with the Trump administration’s expected prioritization of stablecoin legislation.

To Allaire, such a move is about “consumer protection and financial integrity,” he said. “Whether you’re an offshore company or based in Hong Kong, if you want to offer your dollar stablecoin in the US, you should need to register in the US just like we have to go register everywhere else.”

Spot Bitcoin ETFs See Record $930 Million Daily Outflow

U.S.-listed spot bitcoin exchange-traded funds (ETFs) saw a cumulative daily outflow of $937.78 million, marking the largest single-day redemption since their launch in January 2024.

Fidelity’s FBTC saw the most substantial outflows, seeing $344.65 million in redemptions. BlackRock’s IBIT experienced outflows of $164.37 million, while the remaining funds saw less than $100 million in withdrawals each.

Analysts attribute the waning interest in these funds to a decline in the premium of CME-listed bitcoin futures contracts, diminishing the profitability of cash and carry arbitrage strategies.

These trades now barely offer a higher yield than the U.S. 10-year Treasury note, which yields 4.3% per annum. Per Velo Data, the annualized one-month basis in the CME bitcoin futures dropped to just 4% on Tuesday, a near two-year low, down from around 15% in December.

The basis in the ether futures trade also declined to around 5%. A cash and carry trade, heavily favored by institutions, involves buying the spot ETF while selling futures on the CME to pocket the premium while bypassing price direction risks.

State of the Crypto by Top Tier Exchange Volume

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