The news that the US Securities and Exchange Commission (SEC) is preparing to sue Uniswap created a sharp decline in the UNI token.

UNI, which was traded at $11.21 yesterday, retreated by 15% and fell to $9 after the development that fell to the agencies as the last minute. Thus, the token fell to its lowest level since February.

Hayden Adams, founder of Uniswap, said in his first statement on the subject, “Today Uniswap Labs received a Wells notice from the SEC. I’m not surprised. Just annoyed, disappointed, and ready to fight.”

The SEC is expected to make an official announcement regarding the case in the coming days.

The SEC has previously sued many crypto projects. The lawsuit against Ripple was one of the first. The institution could not get the result it hoped for against Ripple, and the court ruled that XRP sales on exchanges were outside the scope of the investment agreement. In addition to crypto projects, the SEC’s lawsuits against exchanges, especially Coinbase, continue on the one hand.