SEC charts regulated U.S. pathway for tokenized stocks

The SEC is giving tokenized stocks a regulated U.S. pathway, while keeping trading volumes, access and issuer rights tightly controlled. The approach builds on the agency's five-year "Innovation Exemption", which lets blockchain venues list real tokenized stocks with full shareholder rights without registering as a full exchange, while synthetic stock tokens remain outside the framework.

The template deliberately constrains how much activity can flow through the carve-out, aiming to formalize how on-chain trading venues fit under existing securities rules.