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09/20/2026

SEC's Tokenized-Stock Exemption Positions Coinbase, Robinhood, Circle as Early Winners

What happened: On September 17, the SEC issued a five-year "Innovation Exemption" allowing Tokenized Securities Venues (TSVs) to use licensed automated market makers (AMMs) to trade tokenized NMS stoc

SEC's Tokenized-Stock Exemption Positions Coinbase, Robinhood, Circle as Early Winners

What happened: On September 17, the SEC issued a five-year "Innovation Exemption" allowing Tokenized Securities Venues (TSVs) to use licensed automated market makers (AMMs) to trade tokenized NMS stocks. Analysts at Goldman Sachs and Citizens identified Coinbase, Robinhood, and Circle as best positioned to benefit, citing their custody, tokenization infrastructure, and stablecoin settlement capabilities. Both Coinbase and Robinhood are preparing to add features such as voting rights and share redemptions to their tokenized stock offerings, while Circle's USDC is expected to play a key role in settlement.

Why it matters: This regulatory move opens the door for onchain trading of traditional equities, potentially shifting market share from legacy exchanges to crypto-native platforms. However, the AMM-only design is a mismatch for Coinbase's current central limit order book model, meaning near-term gains depend on building or partnering into AMM infrastructure. The exemption's architecture also allows traditional exchanges to opt out, limiting immediate disruption. The move is a significant regulatory experiment but faces uncertainty during the public comment period and possible pushback from incumbent exchanges.

Source: CoinDesk