SEC Innovation Exemption Policy Update: Three Tokenized Securities Trading Venues Have Filed Notices of Intent to Operate
On September 17 this year, the U.S. Securities and Exchange Commission (SEC) issued an “Innovation Exemption Order,” granting tokenized securities trading venues (TSVs) temporary conditional exemptions from the definition of “exchange” under Section 3(a)(1) of the Securities Exchange Act.
Under the rules, a TSV must publish a notice of intent to operate on its website at least 30 days before commencing operations, and notify the SEC in writing within one business day of publication, providing contact information and the location of the notice.
According to the SEC website, as of October 21, three entities had filed notices of intent to operate: TSV LLC (September 23), OKXICE TSV (October 4), and Perpetuals.com, under Kephas Corporation (October 14).
However, the SEC has stressed that an entity’s appearance on this public list does not mean the SEC has determined that it fully meets the eligibility criteria for a TSV, nor does it confirm that the entity satisfies all the conditions of the exemption.
Staff will not substantively review the accuracy or reasonableness of the information submitted in an entity’s notice. If an entity voluntarily withdraws its filing, its name will also be removed from the list. The document also sets out official channels for submitting inquiries and public comments, as well as email requirements.
Overall, the implementation of the SEC’s Innovation Exemption marks the beginning of a new phase of compliant operations for tokenized securities. The fact that three entities filed notices in quick succession within a month highlights the market’s strong demand for tokenized securities.
The SEC’s “formal filing, no substantive review” light-touch regulatory approach lowers the barriers to innovation while leaving room for ongoing oversight. Whether this policy direction can become the next catalyst for a market boom remains worth watching.
#SEC创新豁免政策
On September 17 this year, the U.S. Securities and Exchange Commission (SEC) issued an “Innovation Exemption Order,” granting tokenized securities trading venues (TSVs) temporary conditional exemptions from the definition of “exchange” under Section 3(a)(1) of the Securities Exchange Act.
Under the rules, a TSV must publish a notice of intent to operate on its website at least 30 days before commencing operations, and notify the SEC in writing within one business day of publication, providing contact information and the location of the notice.
According to the SEC website, as of October 21, three entities had filed notices of intent to operate: TSV LLC (September 23), OKXICE TSV (October 4), and Perpetuals.com, under Kephas Corporation (October 14).
However, the SEC has stressed that an entity’s appearance on this public list does not mean the SEC has determined that it fully meets the eligibility criteria for a TSV, nor does it confirm that the entity satisfies all the conditions of the exemption.
Staff will not substantively review the accuracy or reasonableness of the information submitted in an entity’s notice. If an entity voluntarily withdraws its filing, its name will also be removed from the list. The document also sets out official channels for submitting inquiries and public comments, as well as email requirements.
Overall, the implementation of the SEC’s Innovation Exemption marks the beginning of a new phase of compliant operations for tokenized securities. The fact that three entities filed notices in quick succession within a month highlights the market’s strong demand for tokenized securities.
The SEC’s “formal filing, no substantive review” light-touch regulatory approach lowers the barriers to innovation while leaving room for ongoing oversight. Whether this policy direction can become the next catalyst for a market boom remains worth watching.
#SEC创新豁免政策