BREAKING: After SEC's Innovation Exemption on tokenized stocks, the first batch of approved trading venues could go live as early as Q4. The SEC dropped rules on tokenizing US stocks and enable 24/7 trading via TSVs, or Tokenized Stock Venues, on a permissionless blockchain last week. Taylor Lindman, chief counsel of the SEC Crypto Task Force, said the agency expects firms to begin publishing required notices outlining their plans in the coming months. The SEC issued a five-year conditional exemption last Friday, allowing eligible platforms to facilitate trading in tokenized US stocks through permissioned pools. Despite relying on AMMs, a decentralized technology primitive, the new venues will not operate as pure-play DeFi platforms. Lidman says this is "more onchain finance than DeFi". Permission pools today handle only a fraction of onchain DEX volume compared to permissionless pools. ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984, solana:4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R, and solana:orcaEKTdK7LKz57vaAYr9QeNsVEPfiu6QeMU1kektZE have issued their own primitives to deploy permissioned pools, allowing issuers to restrict swaps and liquidity provisioning to allowlisted/KYC'd users. MilkRoad Pro subscribers first learned about our analysts calling UNI in August. The Bull market is heating up. Don't forget to subscribe for a free $1/7-day trial of MilkRoad Pro today and grab the early alpha. Link below 👇