Uniswap Labs stated in its official blog that the US Securities and Exchange Commission's characterization of the Uniswap protocol as an unregistered securities exchange is under the control of Uniswap Labs, the Uniswap interface is an unregistered securities brokerage firm, and the UNI token is an investment contract.

In fact, the UNI token is a file format, similar to PDF, and the protocol is a general-purpose computer program that anyone can use and integrate, just like TCP/IP. In the early days of the protocol, hundreds of thousands of users who participated in the UNI token were given the token for free without a contract, and there was no expectation of profit from Uniswap Labs' efforts.