Today, the
@SECgov released the much anticipated innovation exemption. Here is what it means:
- The framework opens a defined path for compliant onchain trading of certain tokenized securities;
- Applies the SEC's established model of providing targeted exemptive relief while considering further regulatory action, the same approach that allowed for ATS innovation and ETF markets to thrive;
- Allows tokenized securities trading inside the U.S. rather than pushing it offshore.
The SEC is inviting public comment on all aspects of the Innovation Exemption to help inform further changes.
This is a welcome step towards onshoring innovation and facilitating tokenized securities trading in the U.S.