The U.S. Securities and Exchange Commission (SEC) has opened a regulated pathway for trading tokenized versions of American stocks on public blockchains, with the first venues expected to file their operating notices as early as the fourth quarter of 2026, according to a senior agency official.
The order, issued September 17 and dubbed the “Innovation Exemption,” grants what the Commission calls Tokenized Securities Venues (TSV), a five-year relief window from having to register as a formal stock exchange. It applies to platforms that let investors trade blockchain-based versions of shares already listed on U.S. exchanges, using liquidity pools and automated pricing mechanisms instead of a traditional order book.
In a joint interview with Commissioner Hester Peirce published Monday by Crypto In America, Taylor Lindman, chief counsel of the SEC’s Crypto Task Force, said that qualifying platforms could begin taking shape next quarter, with companies expected to file formal notices and unveil operational plans in the coming months. Her comments, delivered around CoinDesk’s Policy and Regulation summit in Washington, gave the industry its clearest signal yet on how quickly the new frame...
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