Uniswap (UNI) leverages SEC's Innovation Exemption to enable Tokenized Securities Venues (TSVs) using automated market makers on public blockchains.

Uniswap (UNI) is advancing the development of Tokenized Securities Venues (TSVs) under the SEC's Innovation Exemption, a regulatory framework introduced on September 17, 2026. This exemption allows TSVs to trade tokenized National Market System (NMS) stocks through permissioned liquidity pools on public blockchains without requiring registration as exchanges or alternative trading systems. Liquidity providers that comply with the exemption are also not classified as dealers.

Automated market makers (AMMs) form the backbone of TSVs, automating tasks traditionally performed by professional market makers. By enabling individuals to directly deposit assets into smart contracts, AMMs democratize liquidity provision and foster competition. Unlike traditional exchanges, AMM-based markets operate 24/7, facilitating global trading beyond standard market hours.

Uniswap's protocol has already processed over $20 billion in stock trading volume, with products like Robinhood Stock Tokens and xStocks driving significant activity. Tokenized assets such as NVIDIA, Tesla, and Apple stocks are now trading against diverse assets, including tokenized S&P 500 funds and cryptocurrencies, reducing relative price risk for liquidity providers.

TSVs operate on public, permissionless blockchains and enforce regulatory compliance through programmable logic. Uniswap v4's "hooks" allow for customizable market structures, enabling features like access controls, trading halts, and public fee disclosures. Settlement on TSVs is instantaneous, with both sides of a swap completing within the same transaction or not at all.

Issuers retain some control over their stocks' inclusion in TSVs, as venues must provide a 30-day notice and allow objections before listing.

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