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Uniswap Labs founder Hayden Adams stated that US SEC Commissioner Hester Peirce pointed out in a comment letter that decentralized systems do not require exemption and the Uniswap master agreement does not apply to this arrangement. The exemption clause from the US SEC applies to the license pool in Uniswap v4, providing a pathway for specific assets and users to conduct compliant AMM transactions in the United States. Uniswap will submit improvement suggestions and comments on the relevant rules.