The Securities and Exchange Commission is delving into decentralized finance in a predictable move as it gears up to sue one of the largest decentralized exchanges.

Decentralized exchange Uniswap said on Wednesday that it had received a Wells notice, i.e. a formal notice from the SEC that says the agency plans to bring charges against a respondent, which could come in the next month or so. Uniswap founder and CEO Hayden Adams said he wasn't surprised, but was "annoyed, disappointed and ready to fight."

The SEC has gone after other exchanges, though those were more centralized, including Coinbase, Kraken and Binance. The agency's foray to sue Uniswap is unique, said Jennifer Schulp, director of financial regulation studies at the libertarian think tank Cato Institute.

"This is a new …