Uniswap’s Adams: Citadel ‘Weaponizing’ SEC to Classify DeFi Devs as Broker-Dealers

• The Charge: Uniswap founder Hayden Adams accuses Citadel Securities of lobbying the SEC to label smart contract developers as “financial intermediaries.”
• The Document: A Dec 2 Citadel filing argues DeFi protocols effectively function as “Exchanges” and lack “fair access” protections.
• The Risk: The move seeks to apply the “Rari Capital Precedent,” potentially forcing open-source coders to register as broker-dealers.

The cold war between decentralized finance (DeFi) and Wall Street incumbents turned hot Tuesday, with Uniswap Labs founder Hayden Adams accusing Citadel Securities of engineering a regulatory kill-switch for the industry. Adams alleges the market-making giant is pressuring the Securities and Exchange Commission (SEC) to legally reclassify software developers as “centralized intermediaries,” a designation that would impose impossible compliance burdens on pe…

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