The U.S. Securities and Exchange Commission issued a conditional order on Sept. 17 that exempts "Tokenized Securities Venues" from the legal definition of an exchange. This five-year "Innovation Exemption" permits the limited trading of tokenized National Market System stocks through permissioned automated market makers and liquidity pools. The ruling is effective immediately and mandates that tokenized shares carry the same dividends and voting rights as traditional equity.

Coinbase tokenized stocks surpassed $1 billion in volume on the Base network on Sept. 19. The SEC's framework excludes synthetic assets, is limited by trading-volume caps, and requires transaction transparency and coordination around trading halts. Robinhood shares rose 5% following the announcement, with the company citing a path toward 24/7 trading and instant settlement for U.S. equities.