The U.S. Securities and Exchange Commission approved a temporary, conditional Innovation Exemption allowing Tokenized Securities Venues to offer limited, permissioned trading of tokenized NMS stocks through automated market makers and liquidity pools. The relief addresses whether qualifying venues may be viewed as exchanges under the Securities Exchange Act of 1934 and is intended to provide data for potential longer-term policymaking. Venues relying on the exemption must meet conditions covering public notice, transaction transparency, trading stoppage coordination, recordkeeping and technology safeguards. Trading will be subject to symbol limits and volume caps calibrated by limit up, limit down tiers, while U.S. dollar-denominated transaction and liquidity data must be published regularly. Certain proprietary-capital liquidity providers may also receive tailored relief if they satisfy disclosure and recordkeeping conditions. The SEC is seeking data-supported feedback on the framework and its design.
2026-09-17U.S. Securities & Exchange Commission
U.S. Securities and Exchange Commission approves temporary exemption for limited onchain trading of tokenized NMS stocks
The U.S. Securities and Exchange Commission approved a temporary, conditional exemption for limited onchain trading of tokenized NMS stocks on qualifying venues. The framework imposes symbol and volume limits, transparency and technology safeguards, and disclosure and recordkeeping conditions while generating data for future policymaking.