$UNI took off again—still a pull driven by spot demand: strong applications + strong cash flow + an epic-level policy + a powerful narrative. Unfortunately, I sold it too early when it was over 6U 😂
The SEC has rolled out a 5-year innovation exemption, allowing TSV tokenized securities service providers to offer on-chain tokenized U.S. stock trading in a permitted pool under Uniswap V4.
✅ What’s included in the exemption: within 5 years, the service provider does not need to register as a traditional exchange. LPs providing liquidity will not be directly defined as brokers/dealers, significantly reducing compliance costs. The pools are permissioned whitelist pools—must undergo KYC—and they are not the well-known permissionless DeFi pools.
❌ What’s not exempted: U.S. investors’ capital gains tax and dividend tax are still paid to the IRS as usual—every cent, no reduction.
What the market phrase “UNI collects the on-chain U.S. stock taxes” really means: in traditional U.S. stock markets, transaction fees and charges are all taken by the NYSE, Nasdaq, and broker-dealers;
after on-chain tokenized U.S. stock trading launches in the Uniswap V4 permissioned pool, the protocol fees generated by each Swap go to the Uniswap protocol. Once protocol fees are enabled, that revenue is used for UNI burns (the UNIfication proposal).
In other words, the trading-flow traffic advantage of traditional exchanges is redirected to the Uniswap ecosystem. The U.S. stock market is a $7.5 trillion scale market—once some of the trading volume migrates, protocol revenue will undergo a qualitative change. This is the core story behind this UNI rally.
The SEC has rolled out a 5-year innovation exemption, allowing TSV tokenized securities service providers to offer on-chain tokenized U.S. stock trading in a permitted pool under Uniswap V4.
✅ What’s included in the exemption: within 5 years, the service provider does not need to register as a traditional exchange. LPs providing liquidity will not be directly defined as brokers/dealers, significantly reducing compliance costs. The pools are permissioned whitelist pools—must undergo KYC—and they are not the well-known permissionless DeFi pools.
❌ What’s not exempted: U.S. investors’ capital gains tax and dividend tax are still paid to the IRS as usual—every cent, no reduction.
What the market phrase “UNI collects the on-chain U.S. stock taxes” really means: in traditional U.S. stock markets, transaction fees and charges are all taken by the NYSE, Nasdaq, and broker-dealers;
after on-chain tokenized U.S. stock trading launches in the Uniswap V4 permissioned pool, the protocol fees generated by each Swap go to the Uniswap protocol. Once protocol fees are enabled, that revenue is used for UNI burns (the UNIfication proposal).
In other words, the trading-flow traffic advantage of traditional exchanges is redirected to the Uniswap ecosystem. The U.S. stock market is a $7.5 trillion scale market—once some of the trading volume migrates, protocol revenue will undergo a qualitative change. This is the core story behind this UNI rally.