News ยท Regulation & Policy
The regulator granted conditional exemptive relief from exchange and dealer registration to enable onchain trading of tokenized NMS stocks via permissioned AMMs.
Key point 1 of 3
01
The SEC granted temporary five-year conditional exemptions for Tokenized Securities Venues from the Exchange Act definition of an exchange.
Key point 2 of 3
02
TSVs may operate permissioned AMM liquidity pools on public, permissionless ledgers under defined volume and symbol limits.
Key point 3 of 3
03
Liquidity providers committing proprietary capital to TSV pools receive conditional relief from broker-dealer registration.
Context
The SEC has historically required equity trading platforms to register as national securities exchanges or alternative trading systems, creating friction for onchain AMM designs.
Why it matters
Firms developing real-world asset infrastructure can operate permissioned AMM pools for tokenized equities without standard broker-dealer and exchange registration burdens.
What to watch
Publication of the order in the Federal Register, which starts the public comment window and marks the beginning of the five-year exemption period.
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