A new exemptive order from the Securities and Exchange Commission enables registered National Market System stocks to trade via automated market makers if they meet strict registration and permissioning criteria. This five year framework for Tokenized Securities Venues (TSVs) requires that holders receive identical dividends and voting rights as traditional shareholders, while allowing companies to object to the tokenization of their shares. Trading activity in these venues is capped at 0.25% of a stock's average daily volume from the previous month.

The Commodity Futures Trading Commission simultaneously released a no-action position exempting passive software providers from registering as introducing brokers. Analysts from Goldman Sachs and Citizens note that the relief is narrow because it excludes synthetic derivatives and mandates permissioned environments with KYC and KYB whitelists, though it may benefit Coinbase and Circle. Tokenized equities currently total $3 billion within a $70 trillion overall market.