Overview
- The SEC this week published notices from three firms — TSV LLC, OKXICE TSV and Kephas/Perpetuals — that say they plan to operate permissioned venues to trade tokenized U.S. stocks under the agency’s temporary Innovation Exemption.
- The firms propose on‑chain designs such as automated market‑maker pools, layer‑2 networks, and stablecoin pairing, and they say tokens would be backed one‑for‑one and carry voting and dividend rights like listed shares.
- The exemption imposes hard limits including a 75‑symbol ceiling, a cap that restricts trading in the most liquid names to at most 0.25% of a stock’s average daily volume, a 30‑calendar‑day issuer objection window and bans on certain activities such as venue credit or stock lending.
- SEC staff told venues to publish notices only when operations and access controls are production‑ready, and the agency warned that listing a filer on its roster does not mean the firm has met all requirements.
- Launches remain conditional as issuers have already objected to some planned listings and market players including exchanges, custodians and post‑trade providers flag unresolved issues in price discovery, liquidity, reporting and back‑office integration, and the SEC is taking public comment through docket 4‑927.