SEC Greenlights Tokenized Stocks Trading Amid Clarity Act Failures
The U.S. Securities and Exchange Commission (SEC) has approved tokenized stocks trading in the United States, despite the failure of the Clarity Act to pass Congress. This move is seen as a significant step forward for the crypto industry, which has long sought to get such assets on the blockchain.
SEC Chairman Paul Atkins announced the approval of a five-year exemption for platforms that facilitate trading of tokenized stocks. He stated that 'today, we are taking a significant step forward, within our statutory authority, to bring America's capital markets into the digital age by facilitating onchain trading of certain tokenized stocks.'
Jamie Selway, Director of the SEC Division of Trading and Markets, added that this approval marks an important milestone for the Commission's work to open its capital markets for tokenized securities. The 'Innovation Exemption' will allow for on-chain secondary trading of tokenized stocks.