*SEC Innovation Exemption Sep 17* — 5-year pilot to *Sep 17, 2031* — qualifying *Tokenized Securities Venues* can trade *tokenized NMS stocks* via *permissioned AMM + liquidity pools*, without registering as exchange — liquidity providers get *dealer-reg relief* — must notify issuer, issuer has *30 days to object* and block tokenization $MUBARAK $CHR $BROCCOLI714
- *TD Cowen VP Reid Noch (equity market structure):* _"We expect limited near-term adoption among both domestic retail investors and institutions"_ — _"U.S. investors already have efficient access to the underlying shares, and tokenized venues must offer a compelling benefit to offset limited liquidity and additional operational complexity"_
*Why limited:*
- *Figure test case:* *99.9% of volume via Nasdaq FIGR*, only *0.1% via blockchain FGRS* despite same economics + voting rights
- *Perpetuals dominance you flagged:* *Nvidia perps = 96% of related notional on Binance snapshot* — spot tokenized stocks tiny vs perps
- *Caps:* Large caps max *75 symbols, 0.25% prior month ADV*, smaller caps *250 symbols, 2.5% ADV* — must halt when primary market halts, no margin, no primary issuance
- *Issuers cold:* talks with dozens (incl retail-heavy GME-type names) — *little interest outside crypto-linked firms* — tokens must preserve *dividend, voting, liquidation rights* — Coinbase says voting coming soon, Robinhood offshore tokens are *debt, not ownership*, need redesign
Goldman / Citizens see *Coinbase, Robinhood, Circle (USDC)* as early beneficiaries, but Cowen says need real utility (24/7 settlement faster, wallet holding) not just blockchain wrapper.
*BREAKING 🚨 TD Cowen: SEC Sep 17 5-yr tokenized stock exemption = limited US demand 🚀 Retail/institutions already have efficient access — Figure 99.9% Nasdaq vs 0.1% token — Nvidia perps 96% of Binance volume vs spot tokens — 75 symbols/0.25% ADV cap, issuer 30-day veto — perps dominate 📈*#AIStocksWhatNext #DogecoinRises15% #BNBMarketCapPassesBNYMellon #MuseOvertakesChatGPTAsTopFreeIOSApp
- *TD Cowen VP Reid Noch (equity market structure):* _"We expect limited near-term adoption among both domestic retail investors and institutions"_ — _"U.S. investors already have efficient access to the underlying shares, and tokenized venues must offer a compelling benefit to offset limited liquidity and additional operational complexity"_
*Why limited:*
- *Figure test case:* *99.9% of volume via Nasdaq FIGR*, only *0.1% via blockchain FGRS* despite same economics + voting rights
- *Perpetuals dominance you flagged:* *Nvidia perps = 96% of related notional on Binance snapshot* — spot tokenized stocks tiny vs perps
- *Caps:* Large caps max *75 symbols, 0.25% prior month ADV*, smaller caps *250 symbols, 2.5% ADV* — must halt when primary market halts, no margin, no primary issuance
- *Issuers cold:* talks with dozens (incl retail-heavy GME-type names) — *little interest outside crypto-linked firms* — tokens must preserve *dividend, voting, liquidation rights* — Coinbase says voting coming soon, Robinhood offshore tokens are *debt, not ownership*, need redesign
Goldman / Citizens see *Coinbase, Robinhood, Circle (USDC)* as early beneficiaries, but Cowen says need real utility (24/7 settlement faster, wallet holding) not just blockchain wrapper.
*BREAKING 🚨 TD Cowen: SEC Sep 17 5-yr tokenized stock exemption = limited US demand 🚀 Retail/institutions already have efficient access — Figure 99.9% Nasdaq vs 0.1% token — Nvidia perps 96% of Binance volume vs spot tokens — 75 symbols/0.25% ADV cap, issuer 30-day veto — perps dominate 📈*#AIStocksWhatNext #DogecoinRises15% #BNBMarketCapPassesBNYMellon #MuseOvertakesChatGPTAsTopFreeIOSApp
