The SEC granted temporary, conditional relief to a new category called a Tokenized Securities Venue (TSV), allowing tokenized National Market System (NMS) stock to trade onchain through permissioned liquidity pools. This exemption expires five years after publication, and the Senate rejected the market structure bill (H.R. 3633) on Tuesday by a 49-50 vote, falling 11 votes short of the required 60. Trading is capped at 75 Tier 1 symbols (S&P 500 and Russell 1000 stocks) with a maximum of 0.25% of average daily volume, and 250 Tier 2 symbols with a 2.5% ceiling. Separately, the CFTC issued a no-action position extending to other passive software providers the relief it first granted to Phantom Technologies in March, exempting them from registration as introducing brokers.
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