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SEC Introduces Five-Year Exemption for Tokenized Equities

The regulatory order permits trading of tokenized public stocks on specialized platforms without exchange registration.

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The US Securities and Exchange Commission issued an Innovation Exemption on September 17, 2026, establishing a temporary framework for trading tokenized equities outside conventional stock exchanges. The five-year relief allows designated Tokenized Securities Venues and select market makers to facilitate trading in tokenized National Market System shares without registering as national exchanges or broker-dealers.

SEC Chairman Paul Atkins and Jamie Selway, head of the Division of Trading and Markets, framed the measure as an exercise of existing regulatory authority. The decision followed the US Senate's 49-50 procedural vote failing to advance the CLARITY Act two days earlier.

The framework is particularly relevant to the Solana network, which currently hosts approximately $465 million in tokenized equities. However, the SEC emphasized that the exemption strictly applies to tokens representing direct underlying ownership of public shares, explicitly excluding synthetic tokens and price-tracking derivatives.

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