Uniswap outlines how AMMs could trade tokenized stocks under SEC's new five-year innovation exemption

Uniswap Labs says the SEC's September 17, 2026 order created a five-year exemption for Tokenized Securities Venues (TSVs), which can trade tokenized NMS stock via permissioned AMM pools without registering as exchanges or ATSs, with compliant LPs not deemed dealers. Over $20 billion in stock tokens has traded on Uniswap, largely via Robinhood Stock Tokens, xStocks, Ondo and Dinari. SPY pools on Robinhood Chain grew from ten to over 40 tokenized stocks, exceeding $900 million in volume across 130,000 wallets. Uniswap v4 hooks, including a Permissioned Pools hook, are offered as tooling for venue operators, issuers and LPs.

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