SEC launches tokenized stock exemption, Clarify Act stalls in Senate

SEC launches exemption mechanism for tokenized stocks, Clarity bill stalled in Senate

The U.S. Securities and Exchange Commission (SEC) has introduced a five-year exemption period that allows eligible platforms to promote the trading of tokenized stocks on the chain with clear federal guarantees and restrictions. Tokenized trading platforms and liquidity providers have received targeted regulatory relaxation, while sanctions rules, issuer control, and exclusions for synthetic products remain effective protections.

The SEC and the Commodity Futures Trading Commission (CFTC) are coordinating on broader digital asset classification, exchange rules and investor protection issues after the Clarity Act failed to win a Senate closing debate vote.

SEC Chairman Paul Atkins directly attributed the measure to Congress's failure to push the Clarity Act through the Senate. He noted that despite extensive negotiations between congressional leaders and digital asset representatives, lawmakers were unable to move the bill forward. As a result, the SEC will use its existing legal powers to provide clearer requirements for investors, developers and financial market participants.

Five-year exemption period opens the door for tokenized stock trading

The exemption takes effect immediately and will last for five years to allow regulators to develop more permanent rules. During this period, market participants can submit comments to provide more information for the committee to establish a long-term regulatory framework.

SEC官员表示，市场需求推动了这一举措，该机构为此已研发超过一年。Atkins还通过“Project Crypto”推广了这一豁免，这是该机构旨在现代化区块链相关法规的更广泛计划。

在该框架下，符合条件的代币化证券交易平台无需被归类为联邦证券法下的传统交易所。特定的流动性提供商在交易股票或通过基于区块链的智能合约支持自动化做市商时，也可避免被认定为经销商。

然而，获批准的场馆必须遵守美国的制裁要求及其他适用于金融市场的联邦保障措施。该豁免排除了复制资产价格但未向投资者授予对相关基础证券直接所有权的合成产品。此外，发行人可以阻止参与场馆提供其证券，从而保留对代币化市场中发行和访问的控制权。

参议院挫折加速SEC数字资产规则制定

此次宣布紧随一项参议院程序性投票之后，该投票未能达到推进《Clarity Act》所需的60票。虽然50名参议员支持推进，49名反对，但该法案未能克服参议院的终止辩论要求。

该立法旨在实现全面的联邦加密货币监管，并在SEC和CFTC之间划分监管责任。Atkins此前曾承诺，如果立法者无法提供全面的加密货币立法，他将在委员会权限内采取果断的监管行动。

In addition, the SEC has begun preparing rule changes covering digital asset exchanges, broker record keeping and minimum working capital requirements. The proposals are part of Project Crypto, which aims to update financial regulations for blockchain assets and related market infrastructure.

Atkins also proposed a token classification that explains which cryptocurrencies meet the definition of securities under existing federal laws. Such classifications help companies understand registration obligations while reducing uncertainty surrounding the issuance, trading, custody and distribution of digital assets.

The SEC and CFTC coordinate crypto regulation

At the same time, the SEC and CFTC have stepped up coordination efforts, and both agencies are preparing regulations covering blockchain-based financial products and services. CFTC Chairman Michael Selig confirmed that his agency is ready to issue rules to support the developing digital finance sector.

It is worth noting that this exemption provides operational certainty for tokenized platforms while regulators are reviewing market activity, liquidity structures and investor protection. Still, the measure covers only selected tokenized securities activities and does not replace comprehensive legislation targeting the broader cryptocurrency industry. Congress still needs to establish lasting market boundaries, consumer protection, institutional responsibilities, and regulatory standards for non-securities digital assets.