Reports suggest the U.S. SEC is planning a major innovation exemption for tokenized securities, potentially allowing direct on-chain trading bypassing traditional trading platforms.

BlockBeats News, September 9 - Andy, founder of The Rollup, stated that market rumors suggest the U.S. Securities and Exchange Commission (SEC) is preparing to roll out its largest tokenization innovation exemption policy to date, which may allow tokenized securities to trade solely through registered transfer agents, without requiring broker-dealer licenses or adherence to traditional trading platform or ATS rules, and reportedly covering both U.S. retail and overseas investors.

Andy noted that if the aforementioned news proves true, its potential impact would be significant. Tokenized funds could be issued and traded directly as on-chain tokens, with transfer agents maintaining legal ownership records on-chain, while underlying assets held by funds, such as stocks and bonds, could also be further tokenized, forming an on-chain trading system of "fund tokens + underlying asset tokens."

Andy further claimed that a major fund has already received the SEC's "green light," though this has not yet been officially confirmed. He speculated that ARK, Fidelity, or BlackRock could be potential participants.

If the policy ultimately materializes, U.S. asset management institutions may accelerate the issuance of native equity tokens to compete for 24/7 liquidity and on-chain distribution channels, rather than waiting for third parties to mirror-tokenize traditional securities.

He further linked this potential policy shift to the Trump administration's recent push for crypto market regulatory openness, as well as the CFTC's efforts to bring perpetual contracts into the U.S. market, suggesting that the U.S. regulatory environment may be gradually opening policy gates for on-chain finance.