Uniswap ETF enters the chat: Bitwise files a registration statement with the SEC

Leading digital asset manager Bitwise has significantly broadened the institutionalization of crypto markets by filing an S-1 registration statement with the Securities and Exchange Commission (SEC) for a proposed Exchange Traded Fund (ETF) designed to track the performance of the Uniswap governance token (UNI). This action follows the successful launch of spot Bitcoin ETFs and amidst the ongoing review of several spot Ethereum ETF applications, signaling a growing willingness among issuers to bring direct Decentralized Finance (DeFi) exposure to mainstream investors.

The filing positions Bitwise at the vanguard of introducing structured products linked to decentralized autonomous organizations (DAOs). Uniswap, as the largest decentralized exchange (DEX), is a critical component of the DeFi ecosystem. A successful launch of the Bitwise Uniswap ETF would offer U.S. investors regulated access to UNI without requiring them to interact directly with decentralized wallets or exchanges.

However, the proposed ETF faces potentially complex regulatory hurdles. Unlike Bitcoin and Ethereum, which enjoy certain clarity as potential commodities, governance tokens like UNI occupy a regulatory gray area, often scrutinized under securities law. This uncertainty will likely necessitate extensive dialogue between Bitwise and the SEC regarding custody solutions, market manipulation surveillance, and overall investor protection. The outcome of this filing is viewed by industry analysts as a crucial test case for determining the SEC’s openness to financial products based on major DeFi protocols, potentially paving the way for similar ETFs tracking other DAO tokens.

Source: Uniswap ETF enters the chat: Bitwise files a registration statement with the SEC