diff --git a/SECURITY.md b/SECURITY.md
index eff3567..fca4412 100644
--- a/SECURITY.md
+++ b/SECURITY.md
@@ -96,11 +96,12 @@ Cosmos EVM and the CosmWasm repositories, and is not limited to them. They
 are named for the repository and the month, for example
 `cosmos-sdk-priv-july-2026`.
 
-Access is granted to downstream teams that have passed KYC and run the
-repository in production. Each month's repositories are created fresh and
-collaborators are reinvited, which keeps the access list current. They are
-rebased periodically against `main` and the maintained release branches, so they
-stay current with their public counterparts.
+Access is granted to chain development teams and to major exchange partners.
+Both must have passed KYC and run the repository in production. Each month's
+repositories are created fresh and collaborators are reinvited, which keeps the
+access list current. They are rebased periodically against `main` and the
+maintained release branches, so they stay current with their public
+counterparts.
 
 ### Patch detail