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FollowingThe U.S. Securities and Exchange Commission proposes regulatory framework, or opens round-the-clock trading for tokenized U.S. stocks
The U.S. Securities and Exchange Commission is mulling a regulatory framework that aims to open the door to round-the-clock trading of tokenized U.S. stocks. The move would bring blockchain-based stocks into the agency's formal regulatory scope and allow investors to buy and sell outside traditional market trading hours.
Tokenized U.S. stocks refer to digital tokens issued on the blockchain, representing ownership or economic exposure to the shares of a U.S. listed company. Unlike stocks held by traditional brokers, these tokens can be settled and changed hands continuously, which is why the issue of round-the-clock trading has become the core of the SEC's deliberations. Reports show that the agency is preparing to allow tokenized stock trading within the framework of established rules.
The framework will be discussed at the SEC's public meeting, a venue for the committee to publicly review rulemaking and policy issues. The core difference from the current market is trading hours: U.S. stocks can currently only be traded during fixed exchange hours, while the tokenization model based on the blockchain track supports trading and settlement at any time, including weekends.
The significance of round-the-clock tokenized stocks for brokers and crypto trading platforms
Continued tradability is a primary benefit for market participants, as round-the-clock tradeability eliminates the time lag between press releases and investor actions. The second potential efficiency pointed out by tokenization advocates is faster blockchain settlement speeds.
SEC Chairman Paul Atkins, who has publicly identified tokenization as a market structure priority, said at a tokenization symposium that the shift requires institutions to adapt. The gesture suggests that the framework was driven by top SEC officials, rather than just industry petitions.
Good things accompany challenges. Platforms that provide tokenized stocks will face custody, liquidity and compliance issues that have been solved by traditional exchanges for decades, but crypto-native platforms are still under construction. Traditional exchanges are also facing competitive pressure and are exploring extending their own trading hours; for example, the London Stock Exchange has considered setting up a separate night trading platform to capture off-peak demand.
Next step in the SEC rulemaking path
The framework signal is not officially activated. Even if the committee clarifies its approach, tokenized stocks may still go through registration, consultation and execution stages before they are widely launched, and market participants are expected to demand clear investor protection measures.
Commissioner Hurst Pierce, who leads the SEC's crypto efforts, has repeatedly urged clearer rules for digital assets. Her involvement suggests that tokenize stock efforts are relevant to the agency's broader attempt to define how existing securities laws apply to blockchain tools.
Future friction points are similar to other digital asset debates, including how power is distributed among different agencies in the context of the SEC and CFTC differences. How the committee resolves registration and custody details will determine whether tokenized U.S. stocks will become mainstream products or remain niche.
