Uniswap founder Hayden Adams said the most important AMM-related development today was not the SEC’s official statement, but the comment letter attached by SEC Commissioner Hester Peirce. According to Odaily, Peirce said truly autonomous software-driven decentralized systems do not need an exemption, which Adams said means the permissionless version of Uniswap does not need to apply for one.

Adams said the exemption mainly applies to permissioned pools in Uniswap v4, providing a path for compliant trading of related assets and users in the United States. He added that this would help promote AMM adoption, and that Uniswap will later submit a comment letter with suggested improvements.