Overview
- The SEC issued the order on Thursday, September 17, 2026, giving Tokenized Securities Venues five years of conditional relief to match buyers and sellers of tokenized National Market System stocks using permissioned AMMs and liquidity pools.
- The relief is tightly limited: venues must meet caps on listed symbols and trading volume, publish auditable smart contracts on public permissionless ledgers, and halt token trading whenever the primary listed share is halted.
- Liquidity providers that supply tokenized shares with their own capital inside approved AMM pools receive a separate, conditional exemption from the Exchange Act definition of a dealer.
- Only tokens that represent real ownership and carry full economic and voting rights qualify for the exemption; synthetic or derivative tokens that merely track prices are explicitly excluded and carry different custody and counterparty risks.
- The order is a controlled, temporary pilot that opens a regulated pathway while the SEC solicits public comment and considers lasting rules, and its outcome will shape whether issuers, investors, and market infrastructure adopt on‑chain trading at scale.