$ONDO The U.S. Securities and Exchange Commission (SEC) announced that the SEC has officially approved a temporary conditional exemption framework (“Innovation Exemption”), allowing limited pilot trading of tokenized U.S. market system (NMS) stocks on specific on-chain venues—i.e., Tokenized Securities Venues (TSVs). This exemption provides temporary regulatory relief for TSVs, so that when they conduct tokenized stock trading through a permissioned automated market maker (AMM) and liquidity pools, they are not directly classified as an “exchange” under the 1934 U.S. Securities Exchange Act. It also offers clear guidance to liquidity providers that use their own capital to support market making.