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FollowingThe U.S. SEC approves temporary exemption for limited trading in tokenized U.S. stocks
The U.S. Securities and Exchange Commission (SEC) has approved a temporary exemption to allow limited trading in tokenized U.S. stocks on specific on-chain platforms. Under the innovative exemption approved on Thursday, tokenized securities exchange platforms (TSV) can provide licensed tokenized National Market System (NMS) stock trading.
SEC Commissioner Mark Uyeda said the exemption covers transactions conducted through automated market makers and liquidity pools, subject to various requirements including transaction transparency, record-keeping and technical safeguards. In addition, TSV must regularly release transaction data denominated in US dollars, including price, transaction size, timestamp, pool address, end-of-day pool size, and daily transaction volume.
"This innovation exemption is designed to be strictly controlled," Yujeda added, noting that code symbols and trading volume limits will be implemented. He said the framework would provide the SEC with data to evaluate on-chain securities transactions and provide a basis for future rulemaking.
Currently, the SEC is soliciting public feedback on the framework, including relevant data, case studies, and information from real or test environments.
The SEC has been developing this innovation exemption mechanism within months. In February, SEC Chairman Paul Atkins said regulators were considering establishing a temporary framework to allow limited trading of tokenized securities through automated market makers, while buying time for long-term rules to be developed.
