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DeFi Regulation

Uniswap v4 Wins SEC Exemption for Permissioned Pools in US

Uniswap Labs founder Hayden Adams said the SEC has granted an exemption covering permissioned pools in Uniswap v4, opening a path for compliant AMM trading of certain assets and users in the United States. SEC Commissioner Hester Peirce wrote in a comment letter that truly decentralized systems driven by automated software do not need the exemption, meaning permissionless AMMs such as the Uniswap main protocol fall outside it. Adams said Uniswap will file a comment letter proposing improvements to the rules.

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AI take

The exemption's scope matters more than its existence: it covers permissioned pools only, leaving permissionless AMMs to rely on Peirce's view that they need no relief at all — a position stated in a comment letter, not a binding rule. That split creates two regulatory tracks for AMM design, and it is the compliance-gated version, not the flagship protocol, that now has a clearer US path. Whether the SEC formalizes that distinction beyond a letter, and how Uniswap's proposed rule changes are received, is the open question.

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