SEC Greenlights Five-Year Tokenized-Stock Lane for Crypto-Market Companies

The Securities and Exchange Commission (SEC) has opened up a five-year tokenized-stock lane for crypto-market companies, allowing them to trade real tokenized U.S. shares without registering as national securities exchanges.

Coinbase Global shares climbed $8.34, or 5.07%, to $172.85 by 3:38 p.m. EDT Thursday, while Circle Internet Group gained $4.58, or 5.69%, to $85.03.

The SEC order, which took effect on September 17 and expires in September 2031, offers conditional relief for systems that trade tokenized National Market System stocks and for firms that provide liquidity on those systems.

Coinbase's possible payoff is closest to market infrastructure, as a tokenized-stock venue could extend the company's trading, custody, and institutional services beyond crypto assets.