The SEC is set to introduce a tokenized stock "Innovation Exemption" policy as early as this week.

BlockBeats News, May 19th. According to Bloomberg, the U.S. SEC is set to unveil as early as this week an "innovation exemption" policy for tokenized stocks, establishing a new framework for on-chain trading of digital securities. The SEC is considering allowing third parties to issue tokens pegged to stock prices without the authorization or consent of the underlying companies, enabling trading on DeFi platforms. The report states that these third-party tokens are essentially synthetic assets tracking stock prices, and some products may not possess the voting rights or dividends of ordinary shares. Under the SEC proposal, platforms that fail to provide these rights may lose eligibility to list such tokens.

This initiative is seen as the first large-scale test by U.S. regulators on the feasibility of migrating stock trading to crypto infrastructure. Proponents believe that tokenized securities can achieve near real-time settlement and 24/7 trading, enhancing market efficiency; while opponents are concerned about market fragmentation, decreased price transparency, and weakened KYC and AML protections.

Currently, institutions such as the NYSE, Nasdaq, and Bullish have all made moves in the tokenized stock market. Previously, the U.S. Senate Banking Committee also advanced the "Clarity Act," a digital asset market structure bill.