المنشور

The SEC’s five-year, conditional “innovation exemption” allows eligible tokenized-securities venues to trade certain stocks through AMM liquidity pools. Some institutions providing liquidity may also qualify for an exemption from the dealer definition. The exemption applies only to tokens that provide the same rights as traditional shares, including dividend and voting rights. It excludes synthetic products that merely track stock prices, including offerings linked to Robinhood, Ondo and