On Sept. 17 the SEC adopted an Innovation Exemption creating a five-year, limited pathway for Tokenized Securities Venues to trade regulated US stocks on-chain, temporarily easing exchange and dealer-registration rules while imposing symbol and volume caps, issuer veto rights, permissioned access, transparency and security requirements. The move opens the $77 trillion US equity market to crypto-style trading and should accelerate tokenization and DeFi adoption—tokenized stocks hit $3.2 billion market cap (up 1,219% YoY), generated $15.75 billion in DEX trading volume over the past 30 days (including $2.95 billion on weekends) and saw $247.8 million deployed in DeFi (up 1,960% YoY)—though trading caps and thin overnight liquidity present execution and market-structure risks.