SEC Opens Door to Tokenized U.S. Stock Trading With Five-Year Exemption
What happened: The U.
What happened: The U.S. Securities and Exchange Commission issued a five-year "innovation exemption" order on September 17, 2026, permitting regulated venues to trade tokenized U.S. stocks on public blockchains. The framework exempts certain venues and liquidity providers from traditional exchange and dealer definitions, provided they meet strict KYC, trading limits, and issuer notification requirements. Major beneficiaries include Securitize, Bullish, Superstate, and DeFi rails like Uniswap and Raydium, while synthetic stock tokens and offshore products remain excluded.
Why it matters: This move creates a regulated pathway for tokenized equities in the U.S., potentially unlocking new liquidity and efficiency for capital markets. However, the exemption is temporary and tightly scoped, leaving many DeFi purists dissatisfied and forcing synthetic token issuers to restructure. The SEC aims to gather data before considering permanent rulemaking, making this a pivotal experiment for blockchain-based securities.
Source: CoinDesk