Ethereum Foundation Gets New President + SEC Ends Investigation Into Uniswap
From the SEC’s decision to drop its investigation into Uniswap Labs to Ethereum Foundation’s leadership reshuffle and Pump.fun’s AMM launch shaking up Solana’s DeFi landscape, the crypto industry is undergoing significant transformations. Meanwhile, PayPal is doubling down on PYUSD adoption, aiming to streamline payments for millions of merchants.
Because Bitcoin
February 25, 2025
SEC Drops Investigation Into Uniswap Labs, Signaling a Shift in Crypto Regulation
The SEC has ended its investigation into Uniswap Labs, the company behind the decentralized exchange Uniswap. The probe, which began with a Wells notice last April, accused Uniswap of operating as an unregistered securities broker and exchange. Uniswap Labs called the SEC’s decision a “huge win for DeFi” and emphasized that it benefits the broader decentralized finance ecosystem. The move is part of a broader shift in the SEC’s crypto regulatory approach following the departure of former Chairman Gary Gensler. Under Acting Chairman Mark Uyeda, the agency has dropped multiple crypto-related investigations, including those into Robinhood Crypto and OpenSea.
Aya Miyaguchi Becomes Ethereum Foundation President Amid Leadership Scrutiny
Aya Miyaguchi, executive director of the Ethereum Foundation since 2018, will transition to the role of president, focusing on institutional partnerships. The move comes amid criticism that Ethereum’s leadership has been ineffective compared to rival blockchains like Solana. Calls for change intensified in January, with Vitalik Buterin hinting at leadership shifts. Miyaguchi emphasized Ethereum’s commitment to decentralization, stating the Foundation’s role is not to control but to nurture the ecosystem. Buterin confirmed that details on a new leadership structure would be announced soon.
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Pump.fun Plans Its Own AMM, Threatening Raydium’s Revenue
Solana memecoin launchpad Pump.fun is developing its own automated market maker (AMM), potentially cutting Raydium out of its lucrative token migration process. Currently, Pump.fun tokens with sufficient liquidity “graduate” to Raydium, contributing 36% of its $154 million swap revenue in 2024. However, a new amm.pump.fun URL and onchain tests suggest Pump.fun will soon handle liquidity pools in-house. Raydium’s token has dropped 40% since Sunday in response. While some see this as a logical step for Pump.fun’s expansion, a Raydium core contributor has warned that abandoning Raydium could be a “strategic miscalculation.”
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PayPal Expands PYUSD Integration to Simplify Payments for Millions of Merchants
PayPal Holdings Inc. plans to expand the use of its stablecoin, PYUSD, across more of its products this year as part of a broader effort to provide a seamless, all-in-one financial platform for its merchants. By deepening its integration, the company aims to streamline payment processes and enhance the overall user experience for businesses that rely on its services.
One of the key initiatives involves offering PYUSD as a payment option for more than 20 million small-to-medium-sized merchants, enabling them to pay vendors through PayPal’s upcoming bill-pay product by the end of the year. This initiative is designed to simplify transactions by allowing merchants to invite their vendors into the PayPal network, reducing friction and improving efficiency. According to Michelle Gill, general manager of PayPal’s small business and financial services group, this move is intended to foster greater adoption of PYUSD while strengthening PayPal’s position as a go-to financial ecosystem for businesses of all sizes.
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