Uniswap Labs: UNI token is a file format, not an investment contract

Golden Finance reports that Uniswap Labs pointed out in its official blog that the U.S. Securities and Exchange Commission considers the Uniswap protocol to be an unregistered securities exchange controlled by Uniswap Labs, and the Uniswap interface belongs to unregistered securities brokers. UNI tokens are investment contracts. In fact, UNI tokens are a file format similar to PDFs, and this protocol is a general computer program that anyone can use and integrate, just like TCP/IP. In the early stages of the protocol, hundreds of thousands of users who participated received UNI tokens for free without any contract or expectation of profiting from Uniswap Labs' efforts.