SEC Grants Five-Year Innovation Exemption for Tokenized Stock Venues
The Securities and Exchange Commission on Sept. 17, 2026, issued an order granting temporary, conditional exemptive relief to Tokenized Securities Venues, each a "TSV," from the definition of "exchange" in the Securities Exchange Act of 1934 (Exchange Act), permitting the venues to trade tokenized National Market System (NMS) stock using permissioned automated market makers and liquidity pools, together "AMM Liquidity Pools." According to the SEC's announcement, the exemptions are set to expire…