The U.S. Securities and Exchange Commission issued a conditional exemptive order on September 17, 2026. The temporary relief exempts Tokenized Securities Venues from registering as conventional national exchanges under the Securities Exchange Act of 1934.
🚨 TODAY: The SEC issued an order granting temporary, conditional exemptive relief to Tokenized Securities Venues from the definition of “exchange” in the Exchange Act to trade tokenized NMS stock using innovative permissioned automated market makers and liquidity pools. pic.twitter.com/VDi7Oty2d9
— U.S. Securities and Exchange Commission (@SECGov) September 17, 2026
The regulatory framework was announced via the official SEC announcement, establishing conditions for secondary trading of National Market System equity shares. The structure allows the implementation of permissioned automated market makers and dedicated liquidity pools.
This policy response comes as the tokenized platform by NYSE advances its architecture to accommodate blockchain-based asset settlements alongside standard market operations. Institutional venues require legal clarity to integrate automated smart contracts into regulated equity mechanisms.
Under the operational mandate, each tokenized security must preserve identical economic and legal rights to the underlying listed share. Furthermore, a concurrent trading halt must be executed automatically across tokenized venues whenever the primary exchange pauses the asset.
Today, we are taking a significant step forward, within our statutory authority, to bring America’s capital markets into the digital age by facilitating onchain trading of certain tokenized stocks through the "Innovation Exemption." 🇺🇸 https://t.co/BQK0cS70lH
— Paul Atkins (@SECPaulSAtkins) September 17, 2026
Highlighting the regulatory intent, Chairman Paul Atkins stated that conditional flexibility permits infrastructural innovation in domestic capital markets while enforcing compliance standards on digital transaction participants.
Exempted venues are required to disclose public data concerning automated order execution, operational volumes, and affiliate trading activities. The Commission will review system performance before determining long-term rule modifications for decentralized market entities.
Demand for these instruments previously drove the 465 million dollar record in equities issued across public distributed ledgers. The exemption, however, limits operations to permissioned liquidity models with direct compliance controls.
The order will undergo a public consultation process following its publication in the Federal Register, allowing sixty days for institutional feedback.
Este artículo tiene fines informativos y no constituye asesoramiento financiero. / This article is for informational purposes only and does not constitute financial advice.
