[Uniswap v4 Granted SEC Exemption, Paving the Way for Compliant AMM Trading in the U.S.] Uniswap Labs founder Hayden Adams stated that U.S. SEC Commissioner Hester Peirce mentioned in her latest comment letter that 'truly decentralized systems driven by automated software do not require exemptions,' implying that permissionless AMMs (such as the main Uniswap protocol) are not subject to this exemption arrangement. The SEC exemption primarily targets the permissioned pools in Uniswap v4, providing a pathway for compliant AMM trading of specific assets and users in the U.S. Adams noted that Uniswap will submit an improvement proposal comment letter regarding the relevant rules.