The SEC issued an innovation exemption that permits limited onchain trading of tokenized NMS stocks, giving crypto platforms a temporary, conditional path to list and trade share tokens without full registration.

The order is part of Chair Paul Atkins' Project Crypto agenda and ships with guardrails, including exposure limits, disclosure requirements and a time-boxed sandbox, alongside a request for public comment. Tokenized shares can trade around the clock in fractional sizes, but holders receive price exposure only, without the voting or dividend rights that come with owning the underlying stock.

The move hands US crypto venues their clearest regulatory runway yet to bring equities onchain, setting up a parallel, 24/7 market for tokenized versions of Nasdaq- and NYSE-listed shares.

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