After the CLARITY Act was thwarted, the U.S. Securities and Exchange Commission (SEC) opens up a new

Disclaimer: Content does not constitute investment advice. Trading involves risks—please invest with caution!

After the CLARITY Act was thwarted, the U.S. Securities and Exchange Commission (SEC) opens up a new

2026-09-18 00:22:22

Bookmark

SEC Chairman Paul Atkins issued a statement on the setback of the CLARITY Act and launched an "innovation exemption" mechanism

US Securities and Exchange Commission (SEC) Chairman Paul Atkins pointed out in a statement on September 17 that Congress had previously failed to promote progress on the CLARITY Act. He then proposed an "Innovation Exemption" initiative to show that regulators can take action within existing powers.

Due to the failure of the CLARITY Act, the current division of regulatory responsibilities remains unchanged. The SEC's order addresses only a small part of the unfinished business: secondary market trading of tokenized National Market System (NMS) stocks, usually stocks listed within the U.S. national market structure.

This announcement does not launch any new trading platforms. The order only provides a legal path for operators that meet its conditions. It does not cover cryptocurrencies in general, does not resolve the relationship between the SEC and the Commodity Futures Trading Commission (CFTC), and does not establish permanent rules for digital assets.

The

order changes two classifications of the Exchange Act

"Innovation exemptions" provide temporary relief to two groups involved in the proposed market structure.

Tokenization venues obtain exchange status exemption

符合条件的“代币化证券场所”（Tokenized Securities Venue, 简称TSV）可免于被《交易所法案》定义为“交易所”，前提是其活动在该命令覆盖范围内。这使得场所能够通过许可制的自动做市商和流动性池撮合买卖双方，而无需仅仅因为执行这些功能就注册为国家证券交易所。

为了依赖此豁免，场所必须限制访问权限，使用公开且可审计的智能合约，披露其运营信息，并保持在SEC规定的合格代码符号和交易量限制之内。

符合条件的流动性提供商获得单独豁免

某些向TSV流动性池注入自有资本以提供代币化股份的公司，也可免于被定义为“交易商”。这种救济适用于在批准结构内报价或投入资本的合格公司，但不延伸至其他无关的市场制造活动。

豁免创造的内容与未创造的内容

豁免创造的内容：

对符合条件的TSV提供条件性救济
在公共基础设施上进行许可制交易
为期五年的救济期

豁免未创造的内容：

加密交易所的普遍豁免
携带股东权利的代币（注：此处原文意指并非所有代币都自动具备，需特定条件）
仅跟踪股价的合成代币
无限制的 decentralized 股票市场
永久性立法或已确定的SEC规则

账本是无需许可的，但市场不是

TSV的智能合约必须是公开的、可审计的，并部署在公共的、无需许可的分布式账本上。然而，用于交易的合约访问权仍由场所控制。

每个TSV必须制定标准来决定谁可以参与。该命令并未规定参与者仅限于机构，但也未允许任何拥有钱包的人自动进行交易。场所的审批机制将该模式与开放的去中心化交易所区分开来。

结果是形成了一种混合系统：区块链提供交易基础设施，而TSV控制准入并负责满足SEC的条件。

股票代币必须携带股东权利

该豁免不允许仅跟随公司股票价格波动的合成代币。代币化的NMS股票必须提供与传统股票相同类别的权利和特权，包括投票权和分红权。

公司本身不必创建代币。无关联的第三方可以对股票进行代币化，但TSV必须在允许交易前通知基础发行方。如果发行方提出异议，可以将该代币排除在该场所之外。

这种安排允许第三方进行代币化，同时确保当他们的股票进入新市场时，上市公司仍有能力做出回应。

交易暂停和反欺诈规则仍然适用

将资产上链并不意味着将其与传统市场分离。如果基础股票在其主要上市交易所停止交易，TSV必须同时暂停其代币化版本的相关交易。

场所还必须公布关于其运营、交易活动以及关联方交易的信息。联邦反欺诈和反操纵条款继续完全适用，而对代码符号和交易量的限制则约束了在市场救济期间市场规模的扩张程度。

五年期限使更宏观的问题悬而未决

豁免将在发布后五年到期。在此期间，SEC计划收集公众意见，并考虑是否需要永久性规则变更。

对于潜在运营商而言，这既创造了机会也带来了约束。他们可以在既定条件下开发代币化股票基础设施，但必须考虑到最终规则可能与临时命令不同的可能性。

这项豁免旨在测试自动化流动性池是否能在公共区块链上交易股票，同时保留股东权利和既定的市场保障措施。但它无法解决因《CLARITY法案》失败而遗留的问题：五年救济期结束后，哪些持久性的规则将管辖数字资产市场。

本文仅供参考，不构成法律、财务或投资建议。

Disclaimer:

All content published on this website, including hyperlinks, related applications, forums, blogs, and other media accounts, originates from third-party platforms and their users. CoinMarketInsight makes no representations or warranties of any kind regarding the website or its content. All blockchain-related data and materials are provided for informational and research purposes only and do not constitute financial, legal, or investment advice. Users and third parties are solely responsible for the content they publish. CoinMarketInsight shall not be liable for any losses arising from the use of this website. You should exercise caution and conduct your own independent research, review, analysis, and verification before making any decisions.

Read Full Article