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SEC grants five-year exemption for tokenized stock trading
The U.S. Securities and Exchange Commission (SEC) has introduced a five-year “Innovation Exemption” to facilitate the trading of tokenized National Market System (NMS) stocks. This regulatory relief, issued on September 17, 2026, follows the U.S. Senate's rejection of the CLARITY Act (H.R. 3633).
The framework allows qualifying Tokenized Securities Venues (TSVs) to use permissioned automated market makers (AMMs) and liquidity pools for secondary trading. To ensure parity with traditional markets, the SEC requires that tokenized shares provide the same rights as conventional stocks, including dividends and voting rights. The exemption also mandates that if trading in an underlying stock is halted on its primary exchange, trading for its tokenized counterpart must also cease.
Operational limits are in place to manage risk: Tier 1 venues are restricted to 75 symbols or 0.25% of average daily volume, while Tier 2 venues can handle up to 250 symbols or 2.5% of volume. The exemption does not waive existing fraud regulations, OFAC sanctions, or registration requirements for primary offerings. Analysts from Goldman Sachs and Citizens suggest that companies such as Coinbase, Robinhood, and Circle may benefit significantly from this new on-chain equity infrastructure.
Entities
Circle · Coinbase · Galaxy Digital · Goldman Sachs · Hester M. Peirce · Paul S. Atkins · Robinhood · Securities and Exchange Commission
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The exemption does not waive fraud regulations or OFAC sanctions enforcement. kryptolehti.fi
- [● 3 SOURCES] Analysts identified Coinbase, Robinhood, and Circle as potential beneficiaries of the new framework. coin-turk.com · crypto.news · koinbulteni.com
- [● 2 SOURCES] If trading in an underlying stock is halted, trading in its tokenized version must also stop. www.nadanews.com · www.newsbtc.com
- [● 7 SOURCES] Tokenized shares must provide the same rights, dividends, and voting rights as traditional shares. coin-turk.com · coinacademy.fr · www.nadanews.com · crypto.news · koinbulteni.com · +2 more
- [● 2 SOURCES] The Senate rejected the CLARITY Act (H.R. 3633) with a 49-50 vote. kryptolehti.fi · cryptonewsland.com
- [● 9 SOURCES] The SEC issued a five-year Innovation Exemption for tokenized NMS stocks. kryptolehti.fi · cryptonewsland.com · coin-turk.com · coinacademy.fr · www.nadanews.com · +4 more
- [● 5 SOURCES] The exemption applies to Tokenized Securities Venues (TSVs) using permissioned automated market makers. kryptolehti.fi · www.nadanews.com · crypto.news · www.coincu.com · www.newsbtc.com
- [● 2 SOURCES] Tier 1 venues are limited to 75 symbols or 0.25% of average daily volume. kryptolehti.fi · crypto.news