
SEC Tokenized-Stock Exemption Creates a Narrow AMM Pilot, Not Open DeFi Trading
The five-year order permits qualifying venues and liquidity providers to test tokenized U.S. stock trading under strict access, volume, rights and disclosure conditions.
Digital assets. Global context. Evidence first.

The five-year order permits qualifying venues and liquidity providers to test tokenized U.S. stock trading under strict access, volume, rights and disclosure conditions.

SEC Chair Paul Atkins asked staff to draft a proposal allowing conditional adviser self-custody and state trust-company custody. No rule text exists yet.

The SEC’s September 1 proposal would modernize transfer-agent rules for electronic recordkeeping and blockchain-based securities, while asking how ownership records should work when shares move onchain.

The SEC’s proposed Regulation Crypto Assets would create two offering exemptions for certain crypto-asset investment contracts. Public comments are due October 20, 2026.