🇺🇸 The SEC published yesterday (September 17) a five-year innovation exemption allowing the on-chain secondary trading of tokenized shares. The exemption runs until September 17, 2031, and applies to certain trading platforms for tokenized securities offering approved automated market makers and liquidity pools. Trading platforms must operate on public, permissionless blockchains, while limiting trading to verified or authorized participants. Eligible tokens must correspond to real U.S. market system shares and confer rights identical to those of shareholders. The exemption excludes primary issuances, synthetic exposure, and products lacking underlying legal rights. Galaxy said it is studying measures to enable the on-chain secondary trading of GLXY.
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