According to CoinMeta, Hayden Adams, the founder of Uniswap, stated that the opinion of Hester Peirce, a member of SEC, indicates that a truly decentralized system does not trigger the core concerns of securities law, and therefore, there is no need for Uniswap to apply for exemptions. He believes that the licensing system Uniswap V4 serves as a new entry point for assets and users to engage in compliant on-chain transactions in the United States.