🚨 The SEC approved a temporary, conditional five-year “Innovation Exemption” for limited onchain trading of tokenized U.S. stocks.
Eligible venues may receive relief from the Exchange Act definition of an “exchange,” while certain liquidity providers may receive relief from the “dealer” definition.
Key limits:
🔹 permissioned access
🔹 no synthetic stock tokens
🔹 issuers can object
🔹 holders retain the same rights as traditional shareholders, including dividends and voting rights
Anti-fraud and anti-manipulation rules still apply. This is not permanent legislation or blanket approval for every tokenized-stock product; it is a limited exemption intended to inform future SEC rulemaking.
Source: U.S. SEC, Release 34-106402
https://www.sec.gov/rules-regulations/2026/09/4-927
Eligible venues may receive relief from the Exchange Act definition of an “exchange,” while certain liquidity providers may receive relief from the “dealer” definition.
Key limits:
🔹 permissioned access
🔹 no synthetic stock tokens
🔹 issuers can object
🔹 holders retain the same rights as traditional shareholders, including dividends and voting rights
Anti-fraud and anti-manipulation rules still apply. This is not permanent legislation or blanket approval for every tokenized-stock product; it is a limited exemption intended to inform future SEC rulemaking.
Source: U.S. SEC, Release 34-106402
https://www.sec.gov/rules-regulations/2026/09/4-927