Uniswap's UNI token rose 26.3% on Sept. 18 after the SEC granted a five year, conditional exemption for trading tokenized US stocks through permissioned automated market makers and liquidity pools. The order exempts qualifying tokenized securities venues from the definition of an exchange under the Exchange Act.

Two newly created wallets withdrew a combined 1.07 million UNI, worth $8.38 million, from Binance, Bybit and OKX. Lookonchain linked the rally to the SEC action, describing it as opening the door to compliant trading on Uniswap v4.