SEC Greenlights On-Chain Trading of Tokenized US Stocks
The US Securities and Exchange Commission (SEC) has announced a new policy allowing tokenized US stocks to trade on public blockchains and automated market makers (AMMs). The 'Innovation Exemption' policy, which went into effect on September 17, 2026, is a five-year pilot program aimed at breaking down barriers between traditional US equities and crypto assets.
Under the new policy, tokenized stocks must be strictly anchored to actual US-listed equities, granting holders equal dividend and voting rights. Trading will be allowed 24/7 on public blockchains and AMMs, with compliant permissioned pools exempt from cumbersome registration processes.
The policy is expected to benefit decentralized exchanges (DEXs), RWA issuance protocols, and crypto exchanges, particularly Coinbase, Uniswap, Securitize, and Solana. However, investors should be aware of potential risks, including listed company veto rights and liquidity fragmentation in permissioned pools.
The SEC's move is seen as a significant breakthrough for the real-world asset (RWA) market, allowing institutions to hold platform tokens with confidence. As the policy takes effect, prices of associated tokens have already shown notable movements, with UNI, AVAX, HYPE, and ARB experiencing strong gains.