SEC Launches Five-Year Innovation Exemption, Allowing Tokenized U.S. Stocks to Trade via Licensed AMM

On September 17, the SEC officially issued the "Innovation Exemption," providing a conditional compliance path for trading tokenized U.S. stocks on public chains. Qualified tokenized securities trading venues can use restricted-access automated market makers (AMM) and liquidity pools for trading and receive a temporary exemption under the definition of "exchange."

Qualified entities providing liquidity for tokenized stocks to these pools using their own funds can also receive a corresponding "dealer" exemption. This exemption will expire five years after its issuance, and the SEC will continue to seek public opinions.

It is noteworthy that smart contracts must be public, auditable, and deployed on a public, permissionless blockchain, but participants in trading need to meet the platform's access requirements.

Holders of stock tokens must also enjoy the same rights as traditional stocks of the same category, including dividends and voting rights that this category of stock should have; products providing synthetic exposure are not included in this scope.

Before the launch of third-party tokenized stocks, a written notice must be given to the original issuer, who has the right to raise objections and prevent trading on such platforms. This also means that even if it is technically possible to tokenize a stock, whether it can be launched remains constrained by the issuer's willingness and regulatory conditions.

Of course, the platform must also meet requirements for U.S. entities, sanctions compliance, and information disclosure, and there are limits on the number of stock varieties and trading volumes. If the original stock is suspended on the main listing exchange, the blockchain must also sync the suspension, and anti-fraud and anti-manipulation regulations continue to apply.

@Gate Crypto, one-stop trading for U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFDs, and prediction markets

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。