It has now been over a month since it was revealed that Uniswap Labs had received a Wells Notice, indicating the U.S. Securities and Exchange Commission intends to bring charges against the developers of the largest decentralized exchange.

Many people considered this the true start to the “war on DeFi,” since it's the first case being brought against a major DeFi platform. While it's no secret the SEC has an unfavorable view of crypto, its previous big-name targets have typically been centralized entities.

The SEC has not slowed its crypto rampage since, most recently, sending Wells Notices to Consensys and Robinhood’s crypto arm. Shortly after the Wells Notice news broke for Robinhood, the firm reported first-quarter earnings, where crypto trading volume increased 224% …