The spot market volume of the decentralized exchange Uniswap reached $71.6 billion in March 2023, according to data from The Block Research, which is 45% higher than Coinbase’s volume. This indicates that Uniswap had its highest volume month since January 2022. However, the crypto market is being threatened by regulatory agencies in the US. In February and March, the government’s regulatory action threats against centralized crypto businesses increased.
Kraken agreed to pay a $30 million fine to the SEC for not registering the staking-as-a-service program and its sale. Similarly, the SEC targeted Coinbase with a Wells notice. This notice stated that Coinbase is under investigation by the SEC due to the potential sale of unregistered securities related to its staking services Coinbase Earn and Coinbase Wallet.
While Coinbase states that the trends on the exchange reflect the broader market and that investors are focusing more on tokens and stablecoins with higher market values, threats from regulatory agencies like the SEC and CFTC are causing uncertainty in the crypto market.