SEC Innovation Exemption Framework Rolls Out in Just One Week; First Tokenized Stock Trading Platforms May Be Announced Next Quarter
September 22 — According to reports from foreign media, Taylor Lindman, Chief Legal Counsel of the SEC’s Crypto Working Group, revealed that under the “innovation exemption” framework for tokenized securities launched this month, the first tokenized stock trading platforms will be announced at the earliest next quarter.
So far, the SEC has received inquiries from multiple companies seeking specific guidance on how to apply the exemption provisions, indicating strong industry attention to the compliance path for tokenized securities.
The development was triggered on the 17th of this month, when the SEC formally issued a five-year “innovation exemption.” For the first time, it provides an open and compliant pathway for secondary trading of on-chain tokenized stocks. Eligible trading venues can be exempted from registration requirements at traditional exchanges.
Under this framework, trading platforms can conduct tokenized trading of U.S. listed stocks on public blockchains using licensed automated market makers (AMMs) and liquidity pools. The relevant market makers also receive corresponding registration exemptions.
However, this exemption is not an open-ended relaxation; it clearly sets three investor-protection red lines: tokenized shares must provide equal rights to shareholders; smart contracts must be publicly available and auditable; and when the underlying stocks are halted, on-chain trading must stop simultaneously.
In summary, from the formal release of the policy exemption to the preparation and launch of the first platforms, only about one week has passed. This also means that compliant tokenized stocks have moved from the rulemaking stage into a rapid implementation phase.
As the largest core category within the entire RWA track, once on-chain stocks successfully run pilot trials, they will also open up an incremental entry point—of trillions in scale—connecting the crypto ecosystem to traditional U.S. equities markets.
#代币化股票
September 22 — According to reports from foreign media, Taylor Lindman, Chief Legal Counsel of the SEC’s Crypto Working Group, revealed that under the “innovation exemption” framework for tokenized securities launched this month, the first tokenized stock trading platforms will be announced at the earliest next quarter.
So far, the SEC has received inquiries from multiple companies seeking specific guidance on how to apply the exemption provisions, indicating strong industry attention to the compliance path for tokenized securities.
The development was triggered on the 17th of this month, when the SEC formally issued a five-year “innovation exemption.” For the first time, it provides an open and compliant pathway for secondary trading of on-chain tokenized stocks. Eligible trading venues can be exempted from registration requirements at traditional exchanges.
Under this framework, trading platforms can conduct tokenized trading of U.S. listed stocks on public blockchains using licensed automated market makers (AMMs) and liquidity pools. The relevant market makers also receive corresponding registration exemptions.
However, this exemption is not an open-ended relaxation; it clearly sets three investor-protection red lines: tokenized shares must provide equal rights to shareholders; smart contracts must be publicly available and auditable; and when the underlying stocks are halted, on-chain trading must stop simultaneously.
In summary, from the formal release of the policy exemption to the preparation and launch of the first platforms, only about one week has passed. This also means that compliant tokenized stocks have moved from the rulemaking stage into a rapid implementation phase.
As the largest core category within the entire RWA track, once on-chain stocks successfully run pilot trials, they will also open up an incremental entry point—of trillions in scale—connecting the crypto ecosystem to traditional U.S. equities markets.
#代币化股票
