The SEC's Director of the Division of Trading and Markets endorsed a five-year conditional exemption for venues trading tokenized National Market System stocks. According to NS3.AI, the SEC approved the Innovation Exemption on September 17, with restrictions on participants, trading volumes, blockchain infrastructure, and investor rights.

The director said the division expects to recommend changes to access fee caps and minimum pricing increments alongside any change to Rule 611. He also expects at least four exchanges to begin trading perpetual futures on securities sometime this quarter.

The director added that the SEC approved Cboe's proposal to list binary security options based on performance indicators associated with National Market System securities yesterday.