SEC is moving too: introducing the “Innovation Exemption,” granting a conditional five-year exemption to Tokenized Securities Venues (TSVs)—when trading tokens that represent tokenized NMS stocks using a permissioned AMM / liquidity-pool model, these venues may temporarily not have to follow the full traditional exchange registration requirements.
The key thresholds are tough: the tokens must correspond to real equity (dividend rights, voting rights equivalent to those under traditional stock), and synthetic/derivative-type tokens are not covered by the exemption; if the main market suspends trading, it must be suspended in tandem; smart contracts must be publicly available for auditing and must be deployed on an unpermissioned chain; if an issuer objects to third-party tokenization, the venues have an obligation to cooperate.
Liquidity providers are also given corresponding relief regarding dealer registration.
Only a few days after the Clarity procedural “trial run” failed, the SEC used existing authorities to pave the way for tokenized stock trading first. This is still only a temporary exemption, not legislation—public comments will be solicited later, and it remains to be seen whether more durable rules will be finalized.
#SEC #代币化 #Regulation
The key thresholds are tough: the tokens must correspond to real equity (dividend rights, voting rights equivalent to those under traditional stock), and synthetic/derivative-type tokens are not covered by the exemption; if the main market suspends trading, it must be suspended in tandem; smart contracts must be publicly available for auditing and must be deployed on an unpermissioned chain; if an issuer objects to third-party tokenization, the venues have an obligation to cooperate.
Liquidity providers are also given corresponding relief regarding dealer registration.
Only a few days after the Clarity procedural “trial run” failed, the SEC used existing authorities to pave the way for tokenized stock trading first. This is still only a temporary exemption, not legislation—public comments will be solicited later, and it remains to be seen whether more durable rules will be finalized.
#SEC #代币化 #Regulation
