SEC Issues 'Innovation Exemption' for Tokenized NMS Stock Trading Amid Manus Funding Surge
The US Securities and Exchange Commission (SEC) has issued an 'Innovation Exemption' order to promote on-chain trading of tokenized National Market System (NMS) stocks. The exemption allows permissioned Automated Market Maker (AMM) liquidity pools to trade tokenized NMS stocks for a five-year period. The SEC's goal is to usher the US capital market into the digital age, with key conditions including caps on trading symbols and volume.
Meanwhile, Manus, an AI startup founded in China, is planning a $500 million funding round that could double its valuation to $4 billion. This would be its first major funding round since separating from Meta.
Zcash (ZEC) developer fund advocate Matt Huang believes the ZEC Short Whale faces over $26M in unrealized losses due to its massive short position of 37,760 ZEC, and is trying to cover by withdrawing $85 million ETH from Binance. The SEC's exemption order has sparked interest in on-chain trading and tokenization.
Arthur Hayes stated that amid high government debt, Fed rate hikes could have a stimulative effect: rising interest on bank reserves and US Treasury yields will increase income for banks and asset holders, driving consumption and financial asset allocation.