SEC Launches "Innovation Exemption", Paving a Compliant Pathway for On-Chain Trading of Tokenized U.S. Stocks

According to Crypto in America, the U.S. Securities and Exchange Commission (SEC) officially launched the Innovation Exemption on September 17, providing a compliant pathway for trading tokenized U.S. listed stocks on blockchains. Qualified platforms (i.e., Tokenized Security Venues, TSV) can conduct tokenized stock trading on permissionless public blockchains via Automated Market Makers (AMM) and liquidity pools without registering as national securities exchanges. The exemption is valid for five years and covers only actual tokenized stocks with full shareholder rights (including dividends and voting rights), explicitly excluding "synthetic" products that merely track prices.