The SEC created an Innovation Exemption for platforms it calls Tokenized Securities Venues, which can put tokenized US stocks on permissionless public blockchains and run trading through automated market makers rather than registering as national securities exchanges. Chairman Paul Atkins said the agency acted after Congress fell short on the Clarity Act this week, and the exemption runs up to five years while the SEC works on permanent rules. Only tokens carrying the rights of the underlying shares qualify, including dividends and voting, shutting out the price-tracking synthetics popular offshore. An outside firm can tokenize a listed company’s stock without asking, but the venue has to tell the issuer first, and a company that objects within 30 days keeps its token off the venue.
