On September 22, Taylor Lindman, Chief Legal Counsel of the SEC's Crypto Special Working Group, stated in an interview that under the SEC's five-year "Innovation Exemption" framework, the first compliant tokenized stock trading venues could gradually take shape as early as next quarter. This exemption has officially come into effect, allowing qualified platforms to conduct tokenized trading of U.S. stocks on public blockchains through licensed automated market makers (AMMs) and liquidity pools. Institutions planning to enter this space are required to issue operational notices and report to the SEC within one business day after publication. These public notices will also serve as important signals for the market to assess which companies are entering this sector. Lindman anticipates that there will be some delay in companies submitting relevant notices, likely falling within the next quarter. SEC Commissioner Hester Peirce and Lindman both emphasized that this model "leans more towards on-chain finance rather than true DeFi," as each trading platform has a clear operating entity responsible for compliance, rather than being completely decentralized peer-to-peer finance.
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First Tokenized Stock Trading Venues May Emerge Next Quarter
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