Uniswap founder Hayden Adams said U.S. regulatory pressure and enforcement uncertainty have encouraged crypto founders to move operations or legal entities abroad, where competitors can build faster under clearer rules. His remarks at a Commodity Futures Trading Commission discussion on decentralized finance highlighted practical obstacles including banking, insurance and institutional partnerships, as well as unresolved questions over whether tokens are securities or commodities and how DeFi protocols should comply with financial regulations. Adams welcomed the CFTC's engagement but said dialogue must lead to concrete rulemaking. The discussion adds to concerns about overlapping CFTC and Securities and Exchange Commission jurisdiction, pending congressional legislation and the risk that innovation, jobs and tax revenue will shift to jurisdictions including the European Union, Singapore, the United Arab Emirates, Switzerland, the Cayman Islands and the British Virgin Islands. Adams previously told the CFTC Innovation Advisory Committee that regulatory pressure had pushed founders overseas and enabled foreign competitors to grow faster. His comments followed Uniswap Labs' Wells notice from the SEC in April 2024, which was dropped in March 2025, and a separate $175,000 CFTC penalty in 2024 related to leveraged trading offerings.