Wells notices are preliminary warnings that inform respondents of the charges the regulator is considering bringing against them. They usually lead to enforcement actions. Though Adams did not say exactly what the SEC has accused Uniswap of doing in his X post, Wells notices sent to crypto companies have, historically, alleged the unregistered offer and sale of securities.
DeFi Exchange Uniswap (UNI) Receives Enforcement Notice from the U.S. SEC
