PANews reported on May 22 that Uniswap Labs responded to the Wells notice issued by the U.S. Securities and Exchange Commission (SEC), stating that the SEC's legal allegations are incorrect and unfounded. The SEC's arguments did not fully consider the platform's use of commodities and the true meaning of these commodities. In a press release on Tuesday, Uniswap Labs pointed out that the SEC claims that the Uniswap DEX acts as an unregistered securities exchange and securities broker-dealer for Uniswap Labs, and that the UNI token constitutes an investment contract. This "radical theory" exceeds the SEC's jurisdiction. It is believed that the House of Representatives will pass a bill granting the Commodity Futures Trading Commission (CFTC) jurisdiction over digital asset trading. Uniswap Labs also stated that regulators "should embrace open-source technology to improve outdated commercial and financial systems, rather than trying to eliminate it through litigation." Uniswap wrote in the statement, "We believe that our work stands on the right side of history. The SEC should not use taxpayers' money to sue us."