At a glance: On 2026-09-17, the U.S. Securities and Exchange Commission (SEC) rolled out the “Innovation Exemption” — it opened a five-year, conditional window for tokenized U.S. stock trading venues, not a permanent change to the rules.
According to Reuters’ report that day: eligible Tokenized Securities Venues (TSVs) may match tokenized stocks in a permissioned AMM / liquidity pool with a conditional exemption from being treated as an “exchange.” Liquidity providers that supply their own capital to the pool also receive a conditional exemption from registering as a “broker.” The tokens must correspond to real equity rights (including dividends and voting); synthetic exposure products are not included. Before a third party tokenizes a company’s stock, it must notify the issuer, and the issuer may raise objections.
Independent review: Cointelegraph’s article on the same day aligns with this account — emphasizing that it is a controlled framework, including conditions such as trade transparency, recordkeeping, and technical security, and also setting limits on the underlying asset and size. SEC Commissioner Mark Uyeda said the Commission will evaluate on-chain securities trading and whether to develop follow-on rules accordingly. Public materials also cite Exchange Act Release No. 34-106402.
Figure shows a self-made diagram illustrating key regulatory points (not an official document screenshot).
Data as of: 2026-09-17 (Reuters / Cointelegraph report date)
For information sharing only and does not constitute investment advice.
#SEC #regulatory
According to Reuters’ report that day: eligible Tokenized Securities Venues (TSVs) may match tokenized stocks in a permissioned AMM / liquidity pool with a conditional exemption from being treated as an “exchange.” Liquidity providers that supply their own capital to the pool also receive a conditional exemption from registering as a “broker.” The tokens must correspond to real equity rights (including dividends and voting); synthetic exposure products are not included. Before a third party tokenizes a company’s stock, it must notify the issuer, and the issuer may raise objections.
Independent review: Cointelegraph’s article on the same day aligns with this account — emphasizing that it is a controlled framework, including conditions such as trade transparency, recordkeeping, and technical security, and also setting limits on the underlying asset and size. SEC Commissioner Mark Uyeda said the Commission will evaluate on-chain securities trading and whether to develop follow-on rules accordingly. Public materials also cite Exchange Act Release No. 34-106402.
Figure shows a self-made diagram illustrating key regulatory points (not an official document screenshot).
Data as of: 2026-09-17 (Reuters / Cointelegraph report date)
For information sharing only and does not constitute investment advice.
#SEC #regulatory
